Terrific New Theatre has a new home in downtown Birmingham, thanks to philanthropists John and Louise Beard.

The Beards, longtime supporters of arts organizations in Birmingham, bought a building at 2112 Fifth Ave. North as a gift for Terrific New Theatre, which had been searching for a new location for the past three years.

Organizers for Terrific New Theatre announced the building’s acquisition on Wednesday, calling it a “significant milestone.” This will be the first time the theater has owned its space, instead of leasing, in its 37-year history.

“I am relieved. I am thrilled. I am excited for Birmingham,” Tamara DeBolt, the theater’s executive director, told AL.com.

Terrific New Theatre, a nonprofit organization, left its longtime home at Pepper Place in March 2020 during the coronavirus pandemic. Organizers offered some online events during COVID, and presented the play “Circle Mirror Transformation” in January at The Dance Foundation in Homewood. Meanwhile, the search for a new location continued.

DeBolt said she looked at more than 65 buildings in various parts of the Birmingham metro area, teaming with John Beard for many of those exploratory trips. When they saw the property at 2112 Fifth Ave. North, DeBolt said, they immediately knew it would be a good fit.

The building, a one-story structure, covers 7,500 square feet and previously was known as the Alabama Auction Room. The Beards worked with Harbert Realty Services to purchase the building, which dates back to 1925 and sits across the street from the Redmont Hotel, a local landmark.

“John and I are extremely happy to support TNT in acquiring this historic building at 2112 Fifth Avenue North,” Louise Beard said via a press release. “My love of Birmingham’s community theater was nurtured by Carl Stewart, an original TNT founder. Seeing TNT return to actively participate as one of Birmingham’s essential community theaters feeds my soul.”

In the past, the Beards have pledged money for renovation projects at the Virginia Samford Theatre and Lyric Theatre in Birmingham. Louise Beard also is a Broadway producer, and won a 2014 Tony Award as one of the producers for “A Gentleman’s Guide to Love & Murder.”

Chuck Evans, president of Terrific New Theatre’s board of trustees, said searching for a new property wasn’t easy, but he called it a labor of love.

“This protracted process has been arduous at times, but keeping TNT alive has been worth every moment,” Evans said via the press release. “And there simply are not enough words to adequately thank John and Louise Beard for their generous donation and their continued dedication to and love for Terrific New Theatre.”

Terrific New Theatre plans to use its new building for performances and administrative operations, DeBolt said. The theater will have a single stage with seating for about 100 people, a spacious lobby, a box office area, offices, storage space and more. Renovations are planned for the space over the next several months.

LIVE design group will be the architect and Locke General Contractors will be the construction company. Theater organizers hope to open the new building and start having shows there in 2024, perhaps as early as the spring.

“This building’s been asleep for decades,” DeBolt said. “We’re going to revive the building and it’s going to revive us.”

Terrific New Theatre plans to launch a capital campaign to “help this theater come back to life in downtown Birmingham,” according to a message on its website. Details on that will be announced soon, DeBolt said. The campaign will include fundraising events, tours of the building and more. Pop-up productions and theater readings could be held in the space, as well.

“We have the building,” the theater’s website says. “We have design plans from an architect. We have a contractor. We are ready to go. Soon, we will be offering tours of the new building. We want all of you to see what will be the ‘new’ Terrific New Theatre — walk around, take pictures, dream a little, and look at the floor plans. More on that in the coming days and weeks.”

Birmingham theater great Carl Stewart founded Terrific New Theatre in 1986 with his partner Steve Stella. Stewart, artistic chief of the theater for 30 years, directed every production there until retiring in 2016. DeBolt, an actress and director, took over the helm when Stewart retired. He died in 2022 at age 80, prompting tributes from fans and fond recollections on social media.

Terrific New Theatre originally was located downtown on Richard Arrington Jr. Boulevard, and moved in 1991 to the Pepper Place complex at 2821 Second Ave. South. The theater became a beloved institution at Pepper Place, producing comedies, dramas, musicals, theater spoofs and more.

DeBolt said folks who cherish memories of Terrific New Theatre will find familiar touchstones in the new space when it’s completed, including an old-school proscenium stage that harks back to the one at Pepper Place.

“When the audience walks into the performance space, it will feel like it’s TNT,” DeBolt said.