Princeton Receives $15 Million From Alumni for Arts Building

Princeton University has announced a $15 million gift from alumni Monte J. Wallace ('53) and Neil W. Wallace ('55) for a dance and theater building in its planned arts complex.

The 58,000-square-foot multi-story Wallace Dance Building and Theater will house a "black box" theater, a dance theater, rehearsal space, teaching venues, and faculty offices. It is one of three structures planned for the complex — which is intended to ease competition for classroom, rehearsal, and performance space — as part of a larger "arts and transit neighborhood" that will include a new train station. The Regional Planning Board of Princeton is expected to take action on the project's site plan this fall. If approved, infrastructure work could begin in 2013, with groundbreaking on the complex set for 2014.

After graduating from Princeton as English majors, the Wallace brothers earned law degrees from Harvard University and in 1959 founded Boston-based General Investment & Development Cos., a privately held real estate and investment holding firm. The Wallaces have supported the university for decades and underwrote the renovation of Moffett Laboratory and the construction of Wallace Hall. The $15 million gift was counted toward the five-year fundraising campaign that ended on June 30 after raising $1.88 billion.

"We have made great strides in establishing Princeton as a leader in integrating the creative and performing arts into the broader curriculum," said university president Shirley M. Tilghman. "Thanks to the Wallaces' generosity, our students will soon have much-needed spaces in which to pursue their artistic visions, both in rehearsal and performance."

"$15 Million Gift From Wallace Brothers Funds Dance Building and Theater." Princeton University Press Release 10/17/2012.