Bethlehem, Pa., August 25, 2015—Moravian College will not pursue the Boyd Theatre renovation project as planned and has withdrawn the purchase agreement with the property owner. The move comes as the College and development partner J.G. Petrucci were operating under an extension of the original agreement of understanding which concludes on September 1, 2015.
In October of 2014, Moravian College announced it was exploring the opportunity to revive the Boyd property, expand its program, and bring live theatre to downtown Bethlehem.
During the purchase review period, the College examined the issues, requirements and costs, options for use of the facility, and possible outside financial support and revenue streams necessary to revitalize the theatre. In May, the property suffered excessive water damage from rain storms that led the City of Bethlehem to condemn the property that was housing two local businesses. The added increase in cost made it even more difficult to purchase the building and raise the funds necessary for its renovation.
“We estimated the acquisition and restoration of the Boyd Theatre would range between $22 million to $30 million depending on the extent of deferred maintenance and water damage,” said President Bryon L. Grigsby ’90. “Moravian College was willing to contribute to this project, but because of already committed projects such as the new health science building and the rehabilitation of the Bethlehem Racquetball Club, Moravian College is not able to fund it alone without securing a lead donor in the $12 million to $15 million range as well as additional funding from private donors and government entities. In addition, Moravian College would also have had to fund the ongoing expenses of operating a theater after the restoration.”
“As was made clear at the outset of this project, we needed support from donors and civic leaders to make this project happen. We wish owner Joyce Heydt and potential new developers all the best in the restoration of the Boyd Theatre property,” Grigsby noted. “While we are disappointed we couldn’t make the Boyd part of Moravian College, we remain committed to bringing live theatre to downtown Bethlehem and believe it would be a valuable economic driver for the city and a significant addition to the our curriculum.”
“In our effort to restore the Boyd, we have been most appreciative of the support and encouragement from civic leaders and organizations such as Mayor Robert Donchez, the Northampton General Purpose Authority, state Sen. Lisa Boscola and U.S. Rep. Charlie Dent as well as countless citizens from the Lehigh Valley. We will continue to work with the mayor to identify other possible locations for a theatre venue that supports the City of Bethlehem and its restaurants and businesses,” Grigsby emphasized.
Moravian College is a private coeducational liberal arts college, offering undergraduate and graduate degrees, in Bethlehem, Pennsylvania. For over 270 years, the Moravian College degree has been based on a liberal arts curriculum where literature, history, cultural values and global issues, ethics, and aesthetic expression and the social sciences are infused with multidisciplinary perspectives. Visit www.moravian.edu to learn more about how the Moravian College liberal arts curriculum prepares its students for life-long success.