Just read in the Seattle Times that the fledgling Performing Arts Center Eastside (PACE) received a cool $25 million today from the Atsuhiko and Ina Goodwin Tateuchi Foundation—a huge injection of funds for a projected $160 million project that will include a 2,000-seat concert hall and 250-seat cabaret-style theater. Understandably, the center has been renamed after the late Japanese-American entrepreneur/philanthropist.

“With this gift, the Tateuchi Center Campaign is now at a threshold,” Peter Horvitz, Tateuchi Center board chair, said in a release. “The land is secured, the blueprints are finished, and the campaign has already raised $60 million."

What does that mean for Eastsiders? Not a ton in the short term, though building permits have been filed and they plan to break ground on the 135,000-square-foot, five-story building in the fall of 2011 and open in 2013. It’s good news for arts lovers who hate sitting on the 520 for two hours to get to a show in Seattle, and interesting news for the Kirkland Arts Center, Theater at Meydenbauer Center, and Village Theatre in Issaquah. We’ll keep you posted.