Construction will begin in the fall on the site of the 30 year-old theatre company's 30-acre campus and is expected to conclude by spring 2008 in time for the 2008 summer season.

The estimated $5 million project will feature "a 150-seat theatre, three acoustically advanced rehearsal spaces that can be used simultaneously, and state-of-the-art costume and set design shops," according to an announcement.

"We have been working on this for 23 months, and we understand clearly that this is an investment—in the creative growth of the Company as well as in its economic growth," stated executive director Mark W. Jones in a release. "This will be a landmark, by having all our departments under one roof. The new arts center will generate additional revenues, ensuring balanced budgets. This secures our economic health into the future, and not only puts us on stable ground but allows us to grow."

The new theatre will allow Shakespeare & Company to continue its classical repertoire and extend its work with new plays. The company will also "be able to maintain a permanent inventory of costumes available for rental to other companies, pursue highly enhanced set design options, take advantage of rehearsal spaces fit for artists from a multitude of performing arts, expand its Arden Seminars for Intellectual Renewal, and utilize a state-of-the-art performance space available for its own use as well as that of other performing arts organizations."

The company currently presents Tom Stoppard's Rough Crossing (through Sept. 2) and William Shakespeare A Midsummer Night's Dream (through Sept. 1) on its Founders' Theatre stage and Bill Irwin and Mark O'Donnell's adaptation of Scapin (through Sept. 1) at the Bankside. For more information visit shakespeare.org.