I love the idea of building a theatre or two. What I would do with it, though -- and remember that I have a lot of money to lose, without feeling the pinch -- would be to create a rep company that produces revivals of shows that I loved but will never be revived otherwise, unless on a shoestring budget; and I would hire the best in the business to work to update them, particularly to address known issues. I don't expect to ever see a full scale, professional production of Darling of the Day, Drat the Cat, Hallelujah Baby, Cyrano (Plummer version), Shenandoah, Coco, Bells Are Ringing, Half a Sixpence, The Grand Tour, Over Here, at the rate things are going Mame and Funny Girl, Purlie, Chess, Dear World, you get the idea. Sondheim is covered by the Roundabout, so I would not worry about him.
If I did not have to share the $$ at all, I would probably try to hire someone who could bring off a first class revival of Follies, something we have not had to date. I always fear that at time has enhanced my memories of this production, but I don't think so. The version I saw in Boston with Uptown! Downtown! and Boy, Can That Boy Foxtrot was far superior to either revival on Broadway, and a lot better than the London Production. I would love to try to get it right, and that would require more $$ than the last revival had, which resulted in a Loveland set that looked like it was covered with those pink carnations kids make out of tissue paper. Of course, Id probably be broke by the time it opened.