Although Neighborhood Flix wasn’t able to survive at 2510 E. Colfax Ave., the Denver Film Society still sees promise in the space. The nonprofit group has signed papers with the Tavern Hospitality Group to lease the old Flix space for its new film center, reports Westword. The two-year lease moves the society out of its art-house multiplex at the Starz FilmCenter on the Auraria campus to the Lowenstein complex with the Tattered Cover Book Store and Twist & Shout.

“We’re getting into a new building turn-key on one of the most vibrant streets in Denver. It’s not only a great opportunity, it’s a great economic deal as well,” film society executive director Tom Botelho tells The Denver Post.

The organization will have the option to continue renting or to buy the building for $2 million.