 The Old Strathcona Foundation, at that time a publicly funded community development initiative, leased the struggling Klondike in 1977 and began searching for ways to use the space. A member of the general public, Frank Grisdale, answered the solicitation, writing a paper outlining how the building could be successfully operated as a repertory theatre under its original name. The foundation was apparently impressed by his proposal, and Grisdale was installed as the Princess Theatre's director upon completion of renovations in 1978.
