Redevelopment of the riverfront has already started as old mills have been rehabilitated into million-dollar condominiums, and new housing and office buildings are going up aswell. The plans calls for a 1,100-seat thrust theater, a 700-seat proscenium theater and a 250-seat performance space. The three stages would allow the Guthrie to perform a range of works from the large-scale to the intimate. The plans also call for a 400-stall underground parking facility -- and another 600-space ramp will be located across Second Street.

But construction on the new Guthrie won't start until the state of Minnesota agrees to provide $35 million in state bond financing. The theater received $3 million from the Minnesota Legislature in 2000.

Guthrie Theater officials argue the new Guthrie is a sound investment for the state, one the theater claims will generate $500 million worth of economic impact over 25 years. But with the state Legislature facing a $2-billion deficit, it will have a tough task.