Slows Bar BQ has signed a lease to open a restaurant in the former Strand Theatre in downtown Pontiac, which is planning to undergo a $21 million renovation and reopen in the fourth quarter next year.

Phil Cooley, co-owner of Detroit-based Slows, said he was drawn to Pontiac because he was "blown away" by economic development in the city and the restaurant is "ready for this kind of growth."

"I was in love with Detroit when I moved here, and I feel the same way about Pontiac. There is a lot of sensationalism about Detroit — and about Pontiac."

Cooley said the new Slows will have capacity to seat 100-150. In addition to its original Corktown location, the restaurant has another location in Midtown and a Grand Rapids site opening in the spring.

Kyle Westberg, president and CEO of Pontiac-based, theStrand redeveloper, said about $3.5 million is still needed for renovation along with $1.5 million to fund, a nonprofit that will be the theater's operations and business manager.

A campaign to raise the $5 million is underway.

Westberg and Bill Lee, who was named president and CEO of Encore last month, said they believe Slows' name recognition and popularity will help attract donors to the project, the latest in a string of renovation proposals dating back to at least 1999 that previously have not come to fruition.

"We want it to be truly unique and have a real hip and entertaining vibe where it's easily accessible with great food and great bands," Westberg said. "I don't know of any venue in the U.S. that will have this food experience available."

Lee, former vice president of Celebrity Events Group and vice president of sales and marketing for Olympia Entertainment Inc., said outreach to potential donors has begun with the financial, medical, automotive and philanthropic communities, but wouldn't be more specific.

The renovation is being funded by $4.1 million in federal historic tax credits, $2.27 million in Michigan Economic Development Corp. funding from the Community Revitalization Program, $3.26 million in developer equity, and $7.67 million in equity from a city of Pontiac renovation that was never completed.

Westberg, who has a 98 percent ownership share of the theater building at 12 N. Saginaw St. with his brother Brent Westberg, expects to close on the financing in the first quarter.

The Strand, which was last open 20 years ago, will reopen with 838 seats and host concerts, live theater, comedy shows, films, and community and private events.

Kirk Pinho: (313) 446-0412, [email protected] Twitter: @kirkpinhoCDB