FORT GREENE - A new theater hall in Brooklyn was formally welcomed to the Fort Greene community today.

A ribbon-cutting ceremony attended by Mayor Michael Bloomberg was held for the Theatre for a New Audience at 262 Ashland Place, one of the last pieces of the of the city’s effort to transform the area into a diverse cultural district.

New York City has invested nearly $100 million in a push for the arts and growth in the economy.

For more than 30 years, the theater had been renting out spaces such as churches and schools to perform acts. Jeffrey Horowitz, the founding artistic director, says he's thrilled to call Fort Greene his new home.

William Shakespeare’s “A Midsummer Night’s Dream” is already playing on the new stage and will run until January 12, 2014.