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MassDevelopment In The News
MassDevelopment Finances $80 Million for Emerson College Expansion
January 12, 2007: New England Real Estate Journal
Boston, MA - MassDevelopment closed an $80.975 million financing package for Emerson College. Emerson is using tax-exempt bond proceeds to fund two projects – the creation of a new performing arts/residence complex on Washington St. that will be known as The Paramount Center and the renovation of the upper floors of the Colonial Building on Boylston St. for use as a residence hall and library expansion. The projects will enhance the college’s facilities, which have been relocated from the Back Bay to the Theatre District over the past 14 years, and will increase the number of students housed on-campus from 1,310 to 1,970. Construction on the two sites is expected to begin in 2007 and be completed in 2009. The Paramount Center project includes renovating the historic Paramount Theater and converting it from a movie house to a live performance venue with 550 seats.
Other facilities will include a 125 seat black box theater, a 200 seat film screening room, nine rehearsal studios, practice rooms, a sound stage, classrooms, a restaurant, faculty and staff offices and housing for 260 students. Renovation of the upper floors of the Colonial Building will provide housing for 400 students.
Robert Culver, MassDevelopment president/CEO said "The Paramount Theater has sat vacant and unused for years. Now it will be renovated and put back into service for Emerson students and local performing arts groups. These projects will also help the Commonwealth address its critical housing shortage by providing on-campus living quarters for 660 students."
© Copyright 2007 New England Real Estate Journal.
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