UPDATE: See update and application link below.

In what could be a huge shot in the arm for the eastern section of South Street, a local buyer has purchased the former Pearl Arts and Crafts building with plans to turn it into an arts center.

The plan is for 85 art studios over four floors (including the basement) with a retail/gallery space on the ground floor and a restaurant with sculpture garden on the roof. Studios, which start at $250 a month, will each have a shelf or gallery wall to show artists’ work.

The design and the restaurant are still in the planning stage, so the situation is still a bit fluid, but the owner is optimistic that he could open by summer 2014. With such a quick timeline, we’re guessing that means he doesn’t plan to tear down the current building, but rather to redo the facade and interior.

Applications for the studio spaces are coming shortly, so we’ll keep you posted.

UPDATE: The new owner of the building says he plans to open without the fancy new facade in 2014, and wanted to do a facade redesign in 2015 with an all-glass front. Here’s what the opening should look like when it first opens.

And here’s a link to the brochure and studio application.

SSAC-Brochure&Application