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South Florida Business Journal - 2:47 PM EST Wednesday

Theater company to move into condo

A West Palm Beach theater company has signed a letter of intent to relocate into the ground floor of a proposed downtown condominium.

Palm Beach Dramaworks is negotiating with Miami-based BAP Development for the buildout and lease of a 240-seat, 20,000-square-foot venue at Opera Place, at 322 Banyan Blvd. Construction is set to start in early 2006, with delivery and move-in expected in two years.

"We are thrilled to have created an alliance with Opera Place so we can continue our dedication to helping downtown West Palm Beach revitalize through the contribution of arts and culture," Dramaworks Executive Director Sue Ellen Beryl said.

Dramaworks was founded in 2000 as a nonprofit organization.

Florida Stage was originally expected to move to the proposed development.

The 26-story Opera Place has 536 units priced from the $400,000s to $4.5 million. BAP's current portfolio represents 3,200 condominium units valued at $1.5 billion, including Onyx and Onyx 2 in Miami, and 610 Clematis in West Palm Beach.