The purchase is part of Goodspeed's long-term plan to build a modern complex in the shadow of its historic playhouse, where new, classic and revised musicals are staged by New York theatre artists. The land is expected to be the site of its new theatre building.

Per a long-standing agreement, Goodspeed has exercised its option to purchase the Williams Chevrolet building and land for $499,000.

"We are pleased to take another step in realizing our vision of building a state-of-the-art theatre," said Michael P. Price, executive director of Goodspeed Musicals., in a statement. "All of our planning is to ensure that Goodspeed remains the leader in American musical theatre."

Future plans for Goodspeed's new theatre as well as its design and financing will be announced later in 2003. The Williams Chevrolet business will continue, according to Bub Williams of Williams Chevrolet, at another location.

Goodspeed Musicals is "dedicated to the preservation and advancement of musical theatre," producing six musicals each season at the historic Goodspeed Opera House and The Norma Terris Theatre, in Chester, CT.