Midway Studios in Southie
The Fort Point neighborhood of South Boston has always been known as the artist district. Having space to both live and work is vital for artist, so when Midway Studios, home of 89 live/work studios was put on the market, fear began to loom. With the threat of a potential buyer who might not be so “committed to the arts” began to mound, friends and neighbors rallied together to save their building. The Midway Fund was formed after Keen Development agreed to sell the 200,000 square foot space to the residents of Midway Studios for $20 million. Residents joined forces with New Atlantic – a development company that is helping to recruit investors to save the building and keep it a true live/work artists studio.
The numbers’ scoop (from a great article in Boston Globe by Geoff Edgers):
- Must raise almost $21 million dollars to purchase the space
- $15 loan from Keen Development
- Potential $4 million from the City of Boston and Boston Community Capital
- Artists have pledge $500,000
- Leaves a shortage of $1.7 million.
Raising almost $2 million is not an easy task but in just 14 days, the Midway Fund raised $1.1 million. To close the sale, they will need to reach the goal of $2.2 million by April 1st. How will they do it? Good old fashioned grass roots fundraising, that’s how. The quest for investors has begun. If you would like to invest or find out more information visit: http://www.midwayfund.com/
To read the article by Geoff Edgers visit: http://tinyurl.com/lnl288y