The company has operated at Broad and Wood streets since 2013, but has long outgrown its 15,000-square-foot space.
The building was also tucked away, so many people didn't even know it was there.
Philadelphia Ballet's CEO, Shelly Power, tells Action News the expansion will add 43,000 square feet and extend the building to the main avenue.
Construction is about 60% complete, and Action News was given a tour of the progress.
"We're finally going to have a lot of natural light for our dancers who are always in a dark space in the theater," Power said. "As people are walking down the street, they're going to be able to see the dancers moving in the studio."
The new facility will include a gathering space with an art wall for Philadelphia artists, a cyber school for students, a wellness center, and a dance innovation lab featuring a black box theater and sound booth.
The lab will serve as a hub for creativity, hosting choreography experiments, performances for children, and classes for amateur adults.
It will allow the Philadelphia Ballet to have a much more vibrant, robust program for the entire community.
"It isn't just for the dancers. It is not just for students, but it really is for Philadelphia," said Power.
Architect Stephen Varenhorst said the building will feature stainless steel etched with full-size images of 26 dancers, changing the entire stretch of Broad Street, known as the Avenue of the Arts.
"The building will finally match the caliber of the dancers and of the artistry. That's going to bring us to the next level," he said.
Philadelphia Ballet has raised $31 million for the project and needs another $15 million to complete it.
The new building is scheduled to open in February 2026.