Jun 26, 2015 11:24 AM EDT By Staff Reporter, UniversityHerald Reporter

A merger between two prestigious performing arts schools in Boston could take effect in 2016.

Berklee College of Music and the Boston Conservatory, who have "lived side by side as neighbors" in the Fenway-Kenmore neighborhood for nearly 50 years, are in talks to combine their services, The Boston Globe reported. They neighboring schools have already shared everything from faculty to food services.

"The combined institution creates in one stroke the most comprehensive training ground for performing arts and related careers in the country, if not the world," Richard Ortner, president of Boston Conservatory, told The Boston Globe.

The institutions have been exploring the benefits of the unification which could help them establish one of the most dynamic and comprehensive programs for music, dance, and theater education. Earlier this month, the universities signed a memorandum of understanding (MOU) that paves the way toward eventual merger by calling for a "broad-based, summer-long process of discussion and planning with important stakeholders," Berklee school officials announced.

If the two colleges merge, Berklee would keep its name while the Conservatory will be renamed the Boston Conservatory at Berklee, according to WCVB News. However, the Boston Conservatory's highly regarded programs in music, dance, and musical theater would retain autonomy within a new Berklee organization, while giving Berklee students access to a uniquely-designed curriculum -- especially in dance and theater.

Similarly, Conservatory students would have access to Berklee's studies in jazz and contemporary music, technology, music business, music therapy, sound design, production, film scoring, and online education.

"Our goal is threefold," Berklee President Roger Brown said in a statement. "We want to attract the most talented, creative, and motivated students in the world; offer them a challenging, cutting-edge experience; and give them the best possible chance to succeed as professionals in a variety of careers."

The two institutions have had a decades-long history of collaboration. As founding members of the Pro Arts Consortium, the two schools have helped create the Boston Arts Academy and currently share some administrative and academic services.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit