December 27, 2013
Fort Point artists going from tenants to owners
There were cheers and champagne in the lobby of Midway Studios as the news was delivered with a flourish, a black cloth pulled from a board to reveal a message: “We won the bid!”
Keen Development this week agreed to sell Midway Studios, a 200,000-square-foot building in Fort Point, to the residents for $20 million. Midway includes 89 artist studios, a gym, and commercial spaces.
The sale, which hinges on some fund-raising by the residents, would mark a rare victory for Boston artists, many of whom have been displaced by climbing real estate prices and rents over the years.
“It worked out. I can’t believe it,” said Nicholas Ortolino, a resident of the Channel Center Street building since it opened as artist-designated housing in 2005. “My head has been spinning for the last couple of days.” ...