The following offer was forwarded from Hamid Zahedi, partner in the Brunswick Hotel, to Dr. Holmes Morton, Chairman of the Pennsylvania Academy of Music:
Ground floor of the Brunswick Annex of approximately 23,000 to 25,000 square feet.
Cost of refurbishment borne by tenant. (NewsLanc estimates about $25,000 to ready class room space for operations. The Annex was previously utilized as classrooms by the federal government and the walls are sound attenuated.)
First year rental at $2,000 per month plus utilities, commencing in September.
Second year rental at $4,000 per month plus utilities.
Third year rental at $5,000 per month plus utilities
Option to purchase the two story annex including the upper stores and former movie theater for $3,000,000, adjusted annually in accordance with the rate of inflation per the C onsumer Price Index.
PAM can renovate over summer, store instruments, and also utilize one of the offices.
Entry through hotel ground floor foyer on Chestnut Street and from Brunswick Square.
Security deposit: $10,000
Landlord pays real estate taxes
Tenant pays utilities and trash
According to faculty members who had toured the Annex earlier in the year, the space meets PAM’s operational needs, now and for the foreseeable future. Outdoor lunch time concerts could be given during clement weather in adjoining Lancaster Park (across Queen Street from Binns Park.) In time, PAM might be able to meet its aspirations of hosting foreign students by using a floor or two of the Brunswick Hotel as dormitories.
The Fire Safety systems at the Brunswick were recently modernized and meet and, in part, exceed current standards.
