 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 . 
