Arts Centers and Real Estate: Sustainable Business Model?

Createquity.: "“Sustainability” and “community development” are ideals that many arts organizations strive to uphold. They want to stand on their own two feet financially, and they also want to play a role in revitalizing communities that have been abandoned by urban sprawl. Some arts centers, such as the New Jersey Performing Arts Center in Newark and Playhouse Square in Cleveland, are accomplishing both of these goals with one activity: non-arts related real estate investments. We know from many, many studies (like this one from The Reinvestment Fund and another from the Center for Creative Community Development) that there is a strong connection between arts activities and real estate values. Is this the sustainable business model we’ve been looking for?