The site is owned by the Boston Redevelopment Authority but the project is being developed by The Druker Co. Ltd. In what is being termed a "unique public/private partnership," Druker will build the shell and core of two theaters, arts education and rehearsal spaces at a value of over $8 million and provide the Boston Center for the Arts with $2 million to establish an endowment. The City has pledged $3 million to support the project. The Huntington Theatre Company is raising the remainder of the funds necessary to complete the theaters, currently estimated at $7 million, as part of a broader capital campaign.
Atelier 505 will include approximately 103 market rate residential condominiums, 21,000 sf of retail and restaurant space, a 350-seat proscenium theater, a 200-seat "black box" theater and other administrative support spaces for the performing arts. The residential units range in size from a 500-sf studio to a 3,000-sf penthouse and there will be a two-level, below-grade, 370-car parking garage. Construction is slated to be completed by July 2004.
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