It won't go ahead, because very early in the process the Langford principals driving the dream will be told by somebody who is actually a theatre consultant supported by a professional Cost Consultant - that Langford doesn't have anywhere near enough money to complete what it is that they're proposing to build.
This won't be the first time that residents in the CRD have been fooled by $400.00 worth of architects watercolours, each depicting a new theatre, construction of which is going to start "very soon now".
At least in the previous instances (the theatre on the Inner Harbour, or the one out in a farmers field that's attached to the school in Central Saanich - for example), the watercolours were very well done (these ones are brutal, and look like a scene from The Jetsons). In the case of the Inner Harbour theatre, the watercolours were so well done that the CRD had them up on their website for a couple of years before they realized that the entire thing was nothing more than a sad pipe dream, eventually (and quietly) taking all references to the "amazing new" Inner Harbour theatre down - never to be heard from again.
Pro Tip: paying an architect a few hundred dollars to generate some nice watercolours that wind up on the front page of the TC doesn't automatically translate into a new theatre in your neighbourhood. In fact, they're really nothing more than $400.00 worth of watercolours accompanied an empty construction account at the local bank, one hoping to be filled up by the Feds, the Province, and the CRD.
Do it right Langford - or don't even bother trying.