Developments > Beacon Cinema/North Street Cinema Center
This $22.4 million project involved the conversion and expansion of the long vacant, historic Kinnell-Kresge building into a state-of-the-art movie house.
Called the “cornerstone of economic development of Pittsfield,” Beacon Cinema was developed by Richard Stanley, a Berkshire County entrepreneur. It took a decade to plan and navigate the obstacles of putting this project together, but throughout that process the project enjoyed the support of city and state officials, civic groups and business leaders who appreciated the impact a project like this would have on downtown Pittsfield. The financing package took five years to structure; the critical piece of the puzzle – the piece that filled the gap in financing and enabled the project to move forward – was MHIC’s $17.2 million in New Markets and historic tax credit financing.
Beacon Cinema/North Street Cinema Center
Project at a Glance:
Location:
Pittsfield
Development Type:
Commercial
Project Type:
Historic renovation and expansion
MHIC Financing:
$17,209,857 in NMTC financing
Sponsor:
Richard Stanley
Date Completed:
11/09/2009
This $22.4 million project involved the conversion and expansion of the long vacant, historic Kinnell-Kresge building into a state-of-the-art movie house.
Called the “cornerstone of economic development of Pittsfield,” Beacon Cinema was developed by Richard Stanley, a Berkshire County entrepreneur. It took a decade to plan and navigate the obstacles of putting this project together, but throughout that process the project enjoyed the support of city and state officials, civic groups and business leaders who appreciated the impact a project like this would have on downtown Pittsfield. The financing package took five years to structure; the critical piece of the puzzle – the piece that filled the gap in financing and enabled the project to move forward – was MHIC’s $17.2 million in New Markets and historic tax credit financing.