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The Boston Conservatory Announces Purchase and Development Plans

New Building in Fenway Neighborhood

BOSTON, MA—The Boston Conservatory, the oldest performing arts conservatory of its kind in the nation, announces the purchase of 132 Ipswich Street, a Fenway neighborhood property located less than a quarter mile from the school’s main building at 8 The Fenway.  The $5.1 million property will be developed to house performance, instructional and student service areas in order to better accommodate the long-term needs of the Conservatory as it approaches its 150th anniversary in 2017.

"As a multi-disciplinary performing arts conservatory, we have a highly specialized curriculum with very specific classroom, studio and performance space needs," says Boston Conservatory President Richard Ortner.  "This building project will allow us to address our current needs while making provisions for future possibilities, strengthening our presence in the Fenway community and breathing new life into an area that has long been under-utilized."

Financing for the project was made possible by MassDevelopment, First Republic Bank and Zions Bank.

MassDevelopment issued a $24.5 million tax-exempt bond on behalf of the Conservatory to purchase and develop the 132 Ipswich property, as well as to refinance a previous bond. First Republic Bank purchased the bond, providing a tax-exempt debt structure.  Underwriting and consulting to the Conservatory was provided by Zions Bank.

Specific build-out plans are currently in development and will be finalized in the first half of 2012.  Ortner adds, "As always, we are working closely with the Boston Redevelopment Authority and plan extensive direct neighborhood outreach to keep our neighbors apprised of our specific building plans and the impact to the neighborhood."

About The Boston Conservatory

The Boston Conservatory trains exceptional young performing artists for careers that enrich and transform the human experience. Known for its intimate and supportive multi-disciplinary environment, The Boston Conservatory offers fully accredited graduate and undergraduate programs in music, dance and theater, and presents more than 200 performances each year by students, faculty and guest artists. Since its founding in 1867, The Boston Conservatory has shared its talent and creativity with the city of Boston, the region and the nation, and continues to grow today as a vibrant community of artists and educators.  For more information, visit www.bostonconservatory.edu.

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