There were cheers and champagne in the lobby of Midway Studios as the news was delivered with a flourish, a black cloth pulled from a board to reveal a message: “We won the bid!”
Keen Development this week agreed to sell Midway Studios, a 200,000-square-foot building in Fort Point, to the residents for $20 million. Midway includes 89 artist studios, a gym, and commercial spaces.
The sale, which hinges on some fundraising by the residents, would mark a rare victory for Boston artists, many of whom have been displaced by climbing real estate prices and rents over the years. The Midway artists hope that owning the building will ensure they are not forced out later by dramatic rent increases.
“It worked out. I can’t believe it,” said Nicholas Ortolino, a resident of the Channel Center Street building since it opened as artist-designated housing in 2005. “My head has been spinning for the last couple of days.” Full story for BostonGlobe.com subscribers.
Geoff Edgers can be reached at Geoff.Edgers@globe.com.