Pace University Completes $200M Performing Arts Center in Lower Manhattan

Pace University has completed a $200 million renovation that turns the podium of its One Pace Plaza building in Lower Manhattan into a new performing arts center, with about $175.4 million of support from New York State, Gov. Kathy Hochul announced on October 15 Governor of New York.

What Happened

The project covers roughly 185,000 square feet in the east wing of One Pace Plaza, Pace's flagship downtown building, and gives the university's Sands College of Performing Arts and its undergraduate and graduate performing and creative arts programs a new home Governor of New York. The space includes performance venues, rehearsal rooms, studios, student gathering areas and academic and administrative offices Governor of New York.

Pace refers to the building as One Pace Plaza East. Its program includes a reimagined Schimmel Theater with an expanded stage, a fly tower and a new audience chamber, along with a Garden Theater, a Blackbox Theater, a large dance rehearsal studio for the Aerial Dance program, an animation studio, a sound stage, an ADR studio, podcast rooms and a screening room Pace University. Commercial Observer reported in 2025 that the plan called for a flexible 400-seat Schimmel Theater, a 230-seat black box and a 99-seat black box that opens onto a courtyard Commercial Observer.

The Construction Scope

The work went well beyond interior finishes. Pace reported that excavation and foundation work for the Schimmel Theater, structural systems for the expanded stage and fly tower, and double-height volumes for the Garden Theater, Blackbox Theater and dance studio were all part of the build Pace University. The university's own tally includes 10 new dressing rooms, 50 new linesets in the Schimmel fly tower, nine steel strong points in the dance studio ceiling, fiberglass sprung floors and more than 5,000 light fixtures and accessories Pace University.

The building is designed around all-electric infrastructure Pace University. The state said the renovation uses water-source heat pumps and other electrification measures to cut steam use and fossil fuel consumption Governor of New York. The related renovation of the Maria's Tower residence hall, which Commercial Observer said would house 480 students, was part of the same campus effort Commercial Observer.

The figures differ by source. The state puts the project at $200 million Governor of New York, while Commercial Observer reported a cost of about $250 million in 2025 Commercial Observer. Commercial Observer credited the project renderings to MOSO Studio and FX Collaborative.

How the State Funded It

• $140.4 million in bond financing issued through the Dormitory Authority of the State of New York (DASNY).
• $25 million through an Empire State Development special appropriation.
• $5.5 million from the Community Resiliency, Economic Sustainability and Technology (CREST) Program.
• $3 million from an ESD Capital Improvement Grant for Pro-Housing Communities in Round XIV of the Regional Economic Development Council initiative, for fixtures, furniture and equipment.

All four items come from the state's announcement Governor of New York. Those components add up to $173.9 million, about $1.5 million less than the $175.4 million total the release cites.

Where Things Stand

Pace expects the project to support 26 new full-time and 85 part-time faculty and staff positions and a more than 75% increase in Sands College enrollment by fiscal year 2030 Governor of New York. The downtown campus serves about 10,000 people a day Governor of New York. Pace President Marvin Krislov said the investment gives artists "the spaces, training, and opportunities they need to succeed" Governor of New York.

Implications for Owners, Developers, Contractors and Subs

Adaptive reuse can carry heavy structural work. Turning an occupied campus building into a performing arts center meant new foundations, a fly tower and double-height volumes inside an existing structure. Owners with older buildings should budget for that kind of scope when the new use differs sharply from the original one.

Theater work is a specialty within a specialty. Rigging, linesets, sprung floors, acoustics and theatrical lighting require experienced trade partners and close coordination with theater consultants. Subs with that background are in limited supply and tend to be booked well ahead.

Electrification is shaping campus renovations. The move to water-source heat pumps and away from steam reflects New York's push to cut fossil fuel use in existing buildings. Mechanical and electrical contractors working on institutional projects across the state should expect more of these conversions.

DASNY remains a key financing tool. More than $140 million of the state support came through DASNY bonds. Private colleges and nonprofits throughout New York use the same channel, and it often sets the pace for when large institutional projects can go to bid.

What to Watch

• Whether enrollment and staffing grow as projected through fiscal 2030.
• Other private colleges in New York pursuing DASNY financing for arts and academic facilities.
• Further electrification retrofits in older campus buildings statewide.

Bottom Line

Pace's project shows how a dated campus building can be rebuilt from the foundation up for an entirely new use while staying in its original footprint. With state bonds and grants covering most of the cost, it also shows how much institutional construction in New York depends on DASNY and ESD support.

Image credit: Pace University, construction progress at the new Schimmel Theater. Image from the source article.

Sources

• Governor of New York, "Governor Hochul Announces Completion of $200 Million Pace University Performing Arts Center in Lower Manhattan": https://www.governor.ny.gov/news/governor-hochul-announces-completion-200-million-pace-university-performing-arts-center-lower
• Pace University, "One Pace Plaza East: A Look Ahead to Fall 2026": https://www.pace.edu/news/one-pace-plaza-east-look-ahead-fall-2026
• Commercial Observer, "The Plan: Pace Lift! University's Downtown Campus Is Getting a Makeover": https://commercialobserver.com/2025/11/pace-university-renovations-new-theaters/