The biggest news since the Blob sent the Phoenixville faithful fleeing from the Colonial Theatre will likely incite a rush of movie-goers screaming back into the historic silver screen, but first some $8 million has to pour in through the doors.

Tuesday marks the groundbreaking of an ambitious building expansion plan that aims to turn the next-door Bank of Phoenixville building into two smaller theaters, a spacious lobby and expanded patron amenities connected to the existing lobby.

“While the Colonial Theatre has been very successful at attracting patrons and supporters over the years, our programming variety is limited with a single screen and turn-of-the-century lobby,” Executive Director Mary Foote said. “This project will enable us to screen first-run films, significantly expand our film programming, book more live performers and offer our patrons additional amenities like wine and beer.”

And in the years following its completion, the nonprofit organization anticipates an audience three times as big. The adaptive reuse of the 11,000-square-foot bank building has been designed by CH&E Construction and Carnevale Eustis Architects to preserve its prominent skylight, marble wainscoting and metal work.

“Theaters like ours are unique assets to communities where they still exist — and many old movie houses didn’t survive demolition,” Foote added. “That’s why having this cultural resource is really special. It improves quality of life for patrons of all ages and maintains our connection to our past.”

Since being reopened in 1997, the Colonial Theatre has helped lift the curtain on Phoenixville’s resurgent new act and has already bought and restored the facade of the former Journal Register home through a state Redevelopment Assistance Capital Program grant.

“We have raised nearly $5 million in gifts from a number of generous donors and are so grateful for this support,” Board President Ken Mumma said. “Nonprofit theaters like ours attract people and spending to local economies — so contributions to the project have a net effect beyond our screen and our stage.”

Leading the fundraising effort alongside Mumma are Marian Moskowitz and Mary Louise Sterge, and performers Kevin Bacon and Michael Bacon are joining the public campaign as honorary co-chairs.

Find out more about the expansion plans at the Colonial Theatre or donate toward the cause, branded Bank on the Arts, here. The groundbreaking ceremony on Tuesday will start at 5 p.m., with a celebratory reception to follow.