Developments > Central Square Theater Inc.
MHIC’s $3.1 million New Markets Tax Credit investment closed the feasibility gap for the Central Square Theater’s financing of a new, permanent home. The Central Square Theater (CST) is a collaboration of two award-winning theater companies – The Nora Theatre Company (The Nora) and Underground Railway Theatre (URT). In 1997, the companies teamed up with the City of Cambridge to identify potential space and they consolidated operations forming the Central Square Theater. The entities brokered a relationship with the Massachusetts Institute of Technology (MIT) that led to developing a new theater on an MIT-owned parcel of land that had been vacant for years. MIT completed construction of the building in the spring of 2008 and entered into a long term lease with the CST to rent the second and third floors of the mixed-use building at below-market rate. The CST now has a permanent home with state-of-the-art theater spaces, classrooms, and offices.
Central Square Theater Inc.
Project at a Glance:
Location:
Cambridge
Development Type:
Commercial
Project Type:
Renovation/redevelopment
MHIC Financing:
$3,150,000 in NMTC financing
Sponsor:
Nora Theatre Company and Underground Railway Theater Inc.
MHIC’s $3.1 million New Markets Tax Credit investment closed the feasibility gap for the Central Square Theater’s financing of a new, permanent home. The Central Square Theater (CST) is a collaboration of two award-winning theater companies – The Nora Theatre Company (The Nora) and Underground Railway Theatre (URT). In 1997, the companies teamed up with the City of Cambridge to identify potential space and they consolidated operations forming the Central Square Theater. The entities brokered a relationship with the Massachusetts Institute of Technology (MIT) that led to developing a new theater on an MIT-owned parcel of land that had been vacant for years. MIT completed construction of the building in the spring of 2008 and entered into a long term lease with the CST to rent the second and third floors of the mixed-use building at below-market rate. The CST now has a permanent home with state-of-the-art theater spaces, classrooms, and offices.