According to Philly.com, the Kimmel Center for the Performing Arts is buying the Merriam Theater from the University of the Arts for $11 million.
The Merriam Theatre will add to the Kimmel Center’s other spaces: Verizon Hall and The Perelman Theater.
Kimmel board members raised $5 million to purchase the theatre, with an additional $5 million grant from the Willam Penn Foundation. A separate $5 million loan will cover the remainder of the cost.
The sale also means that the Merriam will undergo a series of renovations, mainly to its backstage and auditorium.