The rehearsal space for the Shakespeare Theater Company may have a new act in its future.

The owners of the space at 507 8th St SE on Barracks Row have plans to redevelop the property into a mixed-use development. The property is owned by a family that is heavily invested in Barracks Row, and who recently met with neighbors to gauge their comfort level with the proposal, Capitol Hill Corner reports.

Plans for the building call for 6,500 SF of ground-floor retail and 6,500 SF of offices on the second floor. A new set-back third and fourth story addition would house 12 studio apartments. The existing building would be completely gutted, and given a facelift in the form of a new façade.

The Shakespeare Theater Company leases the rehearsal space on a year-to-year basis, and already had plans in the works to relocate. The theater company has teamed up with Erkiletian Development for a mixed-use complex at 501 I St SW known as The Bard. That project has received opposition from area residents concerned that the area is being overdeveloped. [CHC]