Illingworth said the legal agreement that officially transfers ownership of the Pudding building to FAS is in the works.
"We may not be ready to start renovations next fall, so the question is, what to do with the building for the next academic year?" he said.
Illingworth said once FAS owns the building, Harvard will be liable for students' safety in the space.
The current decrepit condition of the building could pose safety hazards, and Illingworth said if the building is deemed unsafe, students will not be able to use the space until renovations are complete.
He said the renovated facility will likely include a "social space" but that the theater will take center stage.
"Performing arts, by the nature of the building, are a priority," Illingworth said.
The addition of another stage into Harvard's performance space line-up has the potential to relieve an already space-crunched arts community.
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