A Benefit for The United Theatre at the Royce Home

Chuck Royce has a simple explanation of why he has spent millions of dollars redeveloping decrepit old buildings — “You build it, they come.” 

Royce, a pioneer in small-cap investing, hosted a cocktail party with his equally capable wife, Deborah, at their Palm Beach estate overlooking the inter-coastal waterway to promote The United Theatre in Westerly, Rhode Island.

Chuck Royce and Carly Callahan (Photos by Annie Watt)

The 1926 building was first a vaudeville theater, then showed movies, and finally was as dark and empty as the old Montgomery Ward store next door. 

But Royce, who also has an oceanfront front house in nearby Watch Hill, spent a few years and $17 million painstakingly redeveloping the venue which now houses three cinemas and a 500-person, balconied space for events.

Mary Joe Orsinger, Victor Orsinger, Deborah Royce,
and Layng Martine, Jr.

Carly Callahan, United’s executive director, said the complex, open seven days a week, is nearing its third birthday, and attracts 55,000 people annually. 

"Sometimes it feels a bit like we're building the airplane while we're flying in mid-air," Callahan told the assembled guests. “I gave up a job for a vocation.”

Robert McCormack, Mary McCormack, Philip Norfleet,
and Carol Norfleet

Royce also saved the 150-year-old Ocean House in Watch Hill, which was about to be torn down by a McMansion developer. 

After buying the abandoned hotel for $11.5 million, he painstakingly restored and rebuilt it ... at great cost. 

Sharon Bush and Bob Murray

Royce, who favors bow ties, saved as much of the original building as he could, from the front doors to the ancient elevator cars.

“I suppose I could leave tomorrow and sit around the pool and play bridge,” he told Fortune, “but I have chosen to be involved.” 

There are thousands of Rhode Islanders who are thankful — and many in Palm Beach too.