The Gray Area Foundation for the Arts announced last week that it will be rehabilitating Mission Street’s Grand Theater to become a “Technology and Art Theater.”

According to the press release:

“Rehabilitating the Grand Theater marks our renewed commitment to serve as a media arts organization that creates jobs, and a technology lab that fosters community.” Josette Melchor, Executive Director continues, “Gray Area’s Cultural Incubator will enable new practices and modes of production, providing immense civic value and catalyzing economic innovation in San Francisco.”

The organization signed a 10-year lease. The announcement of the project comes after the organization received a $10,000 grant from the National Endowment for the Arts to create an experimental sound theater.

The new space promises to be an incubator for art and design organizations and offer affordable coding classes geared towards creative expression.

We’ll follow up with more on this new development. In the meantime, here’s more on Techcrunch and some thoughts at the Uptown Almanac.