Developments > Colonial Theatre
This project involved the complete restoration of a historic theater (built in 1903) that had been closed for 50 years. Located in downtown Pittsfield, the theater is considered an architectural gem and one of the most acoustically perfect auditoriums in the world. Periodic attempts to redevelop the theater failed for lack of financial resources and sustained public support. Along came a group of forward-looking individuals and civic leaders who shared a vision of revitalizing Pittsfield as an arts center, with the redevelopment of the Colonial Theatre and a new cinema center (the Beacon Cinema, also developed using MHIC’s New Markets Tax Credit financing) at the heart of that vision. When redevelopment of the theater became a top priority in advancing Pittsfield’s strategy to become an arts center, political leaders along with civic and business leaders worked tirelessly to attract the necessary resources.
MHIC’s financing made the critical difference in moving the project forward because it bridged the difference between total development costs and what could be raised philanthropically and from federal, state, and local grants.
Colonial Theatre
Project at a Glance:
Location:
Pittsfield
Development Type:
Commercial
Project Type:
Restoration of a historic theater
MHIC Financing:
$16,581,111 in NMTC financing
Sponsor:
Colonial Theatre Association, Inc.
Date Completed:
8/15/2006
This project involved the complete restoration of a historic theater (built in 1903) that had been closed for 50 years. Located in downtown Pittsfield, the theater is considered an architectural gem and one of the most acoustically perfect auditoriums in the world. Periodic attempts to redevelop the theater failed for lack of financial resources and sustained public support. Along came a group of forward-looking individuals and civic leaders who shared a vision of revitalizing Pittsfield as an arts center, with the redevelopment of the Colonial Theatre and a new cinema center (the Beacon Cinema, also developed using MHIC’s New Markets Tax Credit financing) at the heart of that vision. When redevelopment of the theater became a top priority in advancing Pittsfield’s strategy to become an arts center, political leaders along with civic and business leaders worked tirelessly to attract the necessary resources.
MHIC’s financing made the critical difference in moving the project forward because it bridged the difference between total development costs and what could be raised philanthropically and from federal, state, and local grants.