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One Strategy for the Arts to Beat Gentrification: Buy the Building

Anjulie Rao

May 19, 2024 |

Bloomberg |

Text |

1500-3000 Words

Response Location: United States, Chicago, Illinois

Arts nonprofits across the U.S. are using creative, often complex, financial and organizational models to continue to provide a stable place for artists to thrive despite high real estate prices. In one example, a gallery director in Chicago created a nonprofit and a noncharitable LLC to purchase and redevelop a building that will have space for a retail tenant on the first floor.

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