What Should Alan Lewis Do with the Ioka?

The future of the Ioka theater in downtown Exeter is in limbo.

The theater, which opened in 1915, was purchased by real estate mogul Alan Lewis at a 2011 auction.

Lewis offered to lease the building to the Exeter Theater Company, which raised tens of thousands of dollars in an effort to turn the building into a community theater.

But Lewis changed his mind and wanted the theater company to buy it. The theater company declined to do so after it said it didn't raise enough money.

"The Lewis family is sorry funding fell short of goal," reads a message on the Ioka marquee that Lewis put up.

Lewis couldn't be reached for comment Friday. He hasn't done any media interviews about the Ioka since he bought it.

Adam Roberts, a spokesman for the theater company, said his group is still willing to work out a deal with Lewis.

"We're not sure what (Lewis') plans are," Roberts said.

Lewis paid $600,000 for the Ioka—nearly double the building's assessed value.

Another sign Lewis put up on the marquee say he's "seeking a historic preservation partner" and lists a phone number, 603-583-4321.

An automated message on the phone number listed on the marquee says, "Please do not leave messages related to the Exeter Theater Company ... it is a separate and unrelated organization."

Lewis operates the Kensington Investment Company, which bills itself as a "socially and environmentally responsible real estate development and investment company." The company has several real estate holdings in Boston, Mass.

The Ioka for decades screened films and was a venue for various performances. Before it was sold to Lewis, the building was used as a Zumba studio.