In Thursday’s (2/17) Wall Street Journal, Shelly Banjo writes, “Construction is nearly complete on a $37 million classical music center for Orchestra of St. Luke’s slated to open in Hell’s Kitchen in March. Complete with rehearsal and recording space to accommodate a full symphony orchestra and chorus, a music library café and even showers for musicians, the 20,000-square-foot building will be the orchestra’s first permanent home since its debut in 1974. The center will also serve dozens of arts groups that rent space in the city’s increasingly crowded rehearsal and performance spaces, including the New York Pops and the American Symphony Orchestra. Raising money for building projects in the past few years hasn’t been easy for the city’s nonprofits. … With traditional funding harder to obtain, the Orchestra of St. Luke’s became one of a growing number of nonprofits turning to a federal tax program for capital financing. This week, it will announce it has received a $4.6 million equity infusion from financial institutions including Goldman Sachs Group Inc.’s Urban Investment Group, Solomon Hess and United Fund Advisors through a federal program that provides tax credits to investors putting money into community development projects.”
Posted February 18, 2011
