Why We Exist
Art and culture play a central role in San Francisco’s cultural identity, history, and economy. However, artists are being rapidly displaced out of the City due to spiked demand and prices for real estate.
According to a May 2017 Forbes article, Bay Area markets have endured substantial increases in rent during the last six years; often producing double-digit rent growth that is not sustainable over the long-term. With rent increases averaging 30 percent, keeping space for arts and culture organizations have become a significant challenge.
To mitigate this issue, CAST creates innovative financial vehicles to secure permanent space in urban city centers for community arts and culture organizations. This enables arts entities to sustain the creativity and capacity necessary to promote lively and stable neighborhoods.
To create stable physical spaces for arts and cultural organizations to facilitate equitable urban transformation.
- Creating a new and inventive approach to asset development for cultural organizations
- Contributing to neighborhood revitalization strategies with arts at the center of economic and community development
- Demonstrating a new philanthropic strategy for the arts by recycling financial resources and forging unprecedented public-private partnerships
- Mitigating space challenges for arts organizations in one of the hottest real estate markets and most important cultural communities in the US
- Serving a mix of cultural organizations, artists and a community of people that is diverse by age, race, gender, economic status and cultural background
We Do This By:
- Acquiring properties to sustain arts in selected San Francisco neighborhoods
- Building the capacity of cultural organizations to lease or own property
- Bundling leases to sustain affordable rents for those not prepared to buy
- Leveraging funding to achieve the goal
Theory of Change
CAST employs a 5-step model to address the critical real estate needs of art-anchored institutions.