Boston, MA – The BBJ recently reported that the Berklee College of Music has raised $90 million in tax-exempt bond financing to advance construction on a planned 16-story, 155,000sf mixed-use building at 168 Massachusetts Ave in Boston.
The bond was underwritten by MassDevelopment.
With a planned opening in 2014, the new structure is designed to include 370 beds and academic space to house 1,200 students, according to updated project plans. The dining hall will have seating for 400.
In addition, the building will house a music technology center with recording studios. Including land-acquisition costs, the total project is expected to run around $100 million.
The development represents a fraction of Berklee’s long-term master plans for its Boston campus, as some 500,000sf of new and renovated spaces are in the college’s project pipeline.