$200M Pace University Performing Arts Center
Governor Kathy Hochul today announced the completion of Pace University’s $200 million renovation of the podium portion of One Pace Plaza in Lower Manhattan, including a new state-of-the-art home for the Sands College of Performing Arts. Supported by nearly $175.4 million in New York State resources, the project creates new performance venues, rehearsal spaces, studios and other facilities that will prepare the next generation of New York artists and creative professionals while strengthening Pace University’s role as an anchor institution in Lower Manhattan.
“New York’s arts and cultural institutions are central to our identity, our economy and the communities that make our state such an extraordinary place to live,” Governor Hochul said. “With this investment in Pace University, we are creating new opportunities for students to build careers in the performing arts while bringing new energy and activity to Lower Manhattan. This new center represents the kind of investment that strengthens our neighborhoods, develops our workforce and keeps New York at the center of the creative world.”
Empire State Development President, CEO and Commissioner Hope Knight said, “Governor Hochul understands that economic development is about investing in the people and institutions that make communities thrive. Pace University has long been an anchor in Lower Manhattan, and this new performing arts center builds on that role by connecting students with careers in New York’s creative economy while strengthening the neighborhood around it. ESD is proud to support a project that brings together workforce development, placemaking and one of New York’s most important industries.”
DASNY President and CEO Robert J. Rodriguez said, “Pace University has been an important DASNY partner for decades, and this project shows what that partnership can make possible. By helping finance the transformation of One Pace Plaza, DASNY is supporting a modern campus that will give students the spaces and tools they need to learn, create and prepare for careers in New York’s performing and creative arts. Governor Hochul’s continued investment in higher education infrastructure is strengthening institutions like Pace while helping ensure New York remains a global center for arts, culture and opportunity.”
The approximately 185,000-square-foot renovation of the east wing of Pace University’s flagship One Pace Plaza creates a centralized home for the university’s undergraduate and graduate performing and creative arts programs, with new performance venues, rehearsal spaces, studios, student gathering areas and other academic and administrative facilities.
New York State support for the $200 million renovation totals approximately $175.4 million, including a $25 million Empire State Development special appropriation, $5.5 million through the Community Resiliency, Economic Sustainability and Technology Program, a $3 million ESD Capital Improvement Grant for Pro-Housing Communities awarded through Round XIV of the Regional Economic Development Council initiative and $140.4 million in bond financing issued through the Dormitory Authority of the State of New York.
The $3 million Pro-Housing Communities grant specifically supports the purchase of fixtures, furniture and equipment for the new performing arts facilities. New York City is a state-certified Pro-Housing Community, and the project was selected as a placemaking investment that will expand cultural and community activity in Lower Manhattan. Pace has a longstanding history of engaging the surrounding community, including neighboring Chinatown, through performances, workshops, panels and other programming.
The project will also expand workforce development opportunities in New York’s performing and creative arts sectors. Pace expects the expansion to support 26 new full-time faculty and staff positions and 85 part-time positions, while the new facilities are projected to support an increase of more than 75 percent in graduate and undergraduate enrollment at Sands College by Fiscal Year 2030. The expanded capacity will provide more students with hands-on training and career preparation for jobs in the arts.
Pace University President Marvin Krislov said, “New York City is the world’s center of arts and culture, and Pace students have the extraordinary opportunity to learn and launch their careers right here. This investment gives the next generation of artists and creative professionals the spaces, training, and opportunities they need to succeed. We’re grateful to Governor Hochul, the New York State Legislature, and our partners across New York State for recognizing the importance of arts education, workforce development, and the role institutions like Pace play in keeping New York’s creative economy strong.”
Pace University Board of Trustees and Sands College of Performing Arts Namesake Rob Sands said, “This investment is about creating opportunities for the next generation of artists and creative professionals. These new facilities will give students the tools, training, and real-world experience they need to build successful careers in an incredibly competitive industry. It's an investment not only in their futures, but in the creative talent that makes New York City such an extraordinary place. We're grateful to Governor Hochul and New York State for helping make it possible.”
New York City Regional Economic Development Council Co-Chairs Félix V. Matos Rodríguez and William D. Rahm said, “Pace University has long contributed to the economic and cultural vitality of Lower Manhattan, and this new center will deepen that impact. By bringing students, performances and community programming together in the heart of downtown, the project will generate activity that benefits the surrounding neighborhood and its businesses. We are proud to support an investment that demonstrates how placemaking can strengthen communities and create lasting economic opportunity.”
Manhattan Borough President Brad Hoylman-Sigal said, “Arts and culture are the epicenter of what makes Manhattan the best place to live, work, and study in the entire world. I’m delighted to celebrate the completion of Pace University’s $200 million Performing Arts Center, supported by $175.4 million in financing by New York State. I’m grateful to Governor Hochul, ESD President, CEO, and Commissioner Hope Knight, and Pace University President Marvin Krislov for this tremendous accomplishment, which solidifies Pace University as one of Manhattan’s economic, academic, and creative beacons.”
Assemblymember Grace Lee said, “I thank Governor Hochul for investing in the renovation of One Pace Plaza. Pace University plays an important role in Lower Manhattan, and this project will expand opportunities for the next generation of artists while strengthening the university’s connection to our community.”
The project is part of Pace University’s broader investment in its New York City campus and reinforces the university’s longstanding presence in Lower Manhattan. Pace’s downtown campus serves approximately 10,000 people each day, and the university estimates its annual economic impact in New York City at more than $680 million. The renovation also incorporates significant sustainability improvements to One Pace Plaza. The university’s plans include new water-source heat pumps and other electrification measures designed to substantially reduce steam use and fossil fuel consumption while improving the building’s overall energy efficiency.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
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