The short answer is that we're bursting at the seams. The new building, a landmark structure that dates to 1929, will accommodate our needs as we expand in staff, outreach activities, and in all our international educational programs and operations. The substantial basement space will allow us to expand our library and accommodate a fully functional state-of-the-art lecture hall. The hall will undergo an overhaul to seat close to 200 for in-house events, lectures, and discussions and feature the latest multi-media technology. This venue will be much more versatile for educational purposes and with its own entry point, it will be much more inviting to Acton's visitors and guests.
The Acton Institute also has a tremendous opportunity to raise its visibility in Grand Rapids with our recent building purchase. We look forward to being a significant part of the continued economic growth of downtown Grand Rapids, a vibrant city center that has benefited from tremendous private investment in recent decades. The early press reports on our move are already linking Acton to the ongoing revitalization of the downtown area. There's a lot of work to do before we move into the new building. We must work with architects and builders to design and rehab a significant space -- in total it constitutes almost 33,000 square feet. Because of all this new space, Acton will be able to accommodate future growth comfortably as we expand our mission to the four corners of the earth.
A major piece of this move will be a capital campaign to raise funds for the building project and move. We are thankful to our contributors who have already stepped forward with generous support to make this new building a reality. Acton is confident that the new building is a sound investment for the community, for Acton as an organization, and most importantly, that it will pay clear dividends in our effort to build a free and virtuous society.