Via The New York Times, written by Michael Cooper:

The effort to turn a century-old sawdust factory in Williamsburg, Brooklyn, into an acoustically sound concert hall, recording studio, nightclub and center for composers is moving ahead, with organizers saying that they have raised the $16 million needed to finish construction. The space on North 6th Street, called the Original Music Workshop, has already drawn respected musicians and celebrities inside its weathered brick walls for concerts, even before it had a roof. Now its founder, Kevin Dolan, said that he had lined up what he called “philanthropic investors” to put up the money needed to finish construction. It is an unusual arrangement. Mr. Dolan said that the investors would become part owners of the building, which they would allow the Original Music Workshop, a nonprofit, to use rent-free. In the future they could then give their shares to the workshop, sell them to the workshop, or sell the building. Mr. Dolan, 62, said this would reduce the risk to people who might be reluctant to put money into a new organization without a long track record. He added that the space could open as soon as the fall of 2015.