Master Innovators: Art Falco, Curtain call

In 1972, four of the opulent grand old theaters in downtown Cleveland were closed, and two of those were in the shadow of the wrecking ball.

A grassroots movement led by the nonprofit Playhouse Square Association continued to stave off demolition and raised $40 million for renovation of the theaters. By the end of the 1980s, the Ohio, State and Palace theaters had been restored, and the Allen followed in 1997. The Hanna was added to the roster in 1999.

The Playhouse Square Center is now the country's largest performing arts complex outside of New York City and draws more than 1 million people a year.

Going from forgotten remnants of a glorious past to a center of civic pride took hard work, a vision and innovative ideas.

This original script for success is something Art Falco, president and CEO of the Playhouse Square Foundation, has followed since taking the position in late 1991.

"I'd like to think that everything we do is a little innovative," says Falco. "One of the innovative things is our business model, whereby we certainly have the performing arts, but have, in fact, stretched ourselves into other areas, such as district developments that provide us with other income. These income streams through our real estate holdings have helped reduce our unearned income need.