The operators of the Rio Theatre are holding a 30-hour telethon as time runs out to save the East Vancouver landmark from being sold for redevelopment.

The event, which runs until 12 a.m. on Tuesday, is being livestreamed on YouTube and features performances by dozens of local acts, including Shakespeare after Dark, Katie-Ellen Humphries, Chica, Gentlemen Hecklers and demonstrations from Science World.

The event raised $40,000 in the first 21 hours, according to comedian Patrick Maliha, who performed at the telethon.

That brings the total amount of money raised to about $340,000—a little more a third of what the operators need to buy the building.

But Corrinne Lea, the Rio's owner, said investors have been lined up to help.

"All in all, I'm feeling pretty optimistic," she said.

Lea wouldn't say what's behind her optimism given the financial situation, but said she will make an "announcement" regarding the theatre at 11 p.m. on Monday—an hour before the telethon is set to end.

Zoning regulations now allow for the 80-year-old theatre's location to be used for residential towers up to 10 storeys tall. That has the building's owners—who are not the same as the operators of the theatre—looking to sell.

On Feb. 8, Lea and her business partner announced the owners of the building had accepted their offer to buy the space, but were only given 60 days to raise the funds.

The "Save the Rio" campaign has until Monday, April 9 to raise $1 million as a deposit to finance a mortgage on the building. Lea said they hope to save the theatre with a combination of donations from the public and private investors.

She wouldn't say how much they bid, but has told The Canadian Press that it was more than the property's $4-million assessed value, adding that "it ain't cheap."

Several celebrities have thrown their support behind efforts to save the Rio, including Hollywood A-lister Ryan Reynolds who tweeted his support for the venue and donated some of his own money last month.

Actor, writer and director Kevin Smith performed two sold-out standup comedy shows at the theatre to help raise funds in late March.

Two-day passes to the telethon are selling for $35 at the door. Single-entry tickets are $18.

With files from The Canadian Press and CTV Vancouver's Shannon Paterson