The redevelopment is known as the Hemenway Project and expands the current theater, bordering the Fens under the shadow of the Mass Pike. The theater sits at 31 Hemenway, but will take advantage of an adjacent parking lot at 27 Hemenway and will deliver in 2010.

"The Hemenway Project marks a pivotal and all-important moment in the Conservatory's history as this project will completely transofrm the educational and performance experiences for our students, faculty and patrons," says Richard Ortner, president of the Conservatory, in a statment.

The new performance center will be roughly 40,000 square feet of performing arts space, including rehearsal space and a performance theater. The financing is comprised of three separate debt facilities and "multiple" new Market tax credit" according to a release. The tax credits were arranged by Nessen Associates, while the Conservatory's debt was secured by Fantini & Gorga.