The former peep-show space is a fixer-upper of major proportions, but with its red brick walls and cavernous interior, its potential as a New York/San Francisco-style warehouse film lounge and live performance venue is there for the realizing.

"We decided to just go for it," Goes said. "Now that we have our own venue, we draw the rules."

For the last several weeks, Goes and company have been hard at work readying the space for the Cinema Paradise, which runs from June 24 to June 30.

Dubbed "Next Door," the space will remain open for art and film events through the summer, then close for a few weeks for the completion of a mezzanine level and the installation of a state-of-the-art sound system. When completed, the two-story venue will include a screening area, projection room (featuring digital and 35mm projectors), floating concrete bar, soundproof lounge and a VIP room facing the street.

Goes and his partners opened up the space for a low-key preview — a lone guitarist playing next to a light box displaying construction plans — at the last First Friday event on May 6. He hopes the new venue will help rekindle the Chinatown arts renaissance that started a decade ago.

"I think Hawai'i needs a venue like this," Goes said. "Along with Kaimuki, (Chinatown) is one of the only districts here that has a pedestrian feel like cities on the Mainland where you can park, walk and experience a lot of different arts and culture venues, restaurants and that sort of thing."

With all of the activity going on (Goes is also getting ready to be one of the featured artists at the Contemporary Museum's Biennial Exhibition of Hawai'i Artists), this year's film festival will be a scaled-down event, with 20 to 25 full-length feature films and 25-30 short films — about half the usual offerings.

Each of this year's selections relate to the "metropolis" theme.