Shakespeare Theatre Co. & Harman Center for the Arts
Project Type: Flagship Performing Arts Center Development
Space Use: Theatre, Event, Meeting, Education
Location: Washington, D.C.
Project Size: 40,000 SF
Services Provided: Site Selection, Acquisition, Zoning & Entitlements, Funding, Design & Construction Project Management
Shakespeare Theatre Company (“STC”) needed facilities near its Lansburgh Theatre to embrace new audiences, provide a home for local performing arts groups, and expand its educational programming. STC purchased a site across from Capital One Arena and designed a state of the art performing arts center to accommodate STC and other local and visiting arts organizations. The site allowed for office space above the theater which could be subjected to a condominium regime and monetized. JM Zell was instrumental in putting together STC with the Bricklayers and Allied Craftsman’s Union (“BAC”) which was in the market for a new international headquarters. JM Zell worked closely with the boards of each organization to allow for collaborative design of common areas yet provide separate identities for each.
JM Zell assembled the design teams, orchestrated design reviews and approvals, conducted competitive bidding, and oversaw construction. A single general contractor was utilized to construct the two units, but separate contracts were entered into by each party.
JM Zell also assisted with the complex underwriting strategy which required sourcing commitments for separate, non-cross-collateralized loans to two entities for a single project. Bank of America delivered the needed $110 million in financing. STC’s collateral was a combination of a District grant, a gift from the Harman Family Foundation and pledge donations. JM Zell delivered each project on time and within budget.
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