Large scale acquisitions powered by community
Dollars deposited = dollars loaned
Federally insurable deposits for $1M+ loans
Space toDream
A 10-year initiative designed to ensure long-term affordability for artists and arts organizations in the Bay Area.
Now is a time for reimagination.
The Bay Area is at a turning point. Commercial real estate vacancies are at all time highs, and buildings are selling for historically low prices.
CAST has a bold vision for our cities’ downtown cores, one that will transform artists’ access to workspace and housing while also transforming emptied corridors into thriving cultural hubs, brimming with innovation, creativity, and energy.
We have an opportunity to reshape the future of our cities in a way that builds the infrastructure for the arts that is missing and needed.
Join us in creating an engine for long-term affordability.
The Space to Dream Initiative is a 10-year, CAST-led initiative designed to ensure long-term affordability for artists and arts organizations in the Bay Area.
Bolstered by the success of our current and former projects and the knowledge accumulated over a decade of learning, CAST is ready to dream even bigger, and has a bold vision for our cities’ downtown cores.
Through the initiative, we are pursuing multiple interconnected strategies to create change at the systems level.
Interconnected Strategies
We’re pursuing multiple paths to create systems level change.
- Affordable capital: launching a stack of social impact investment and loan vehicles that offer new ways to leverage capital for arts real estate, making affordable capital available for acquiring discounted properties primed for arts activation.
- Policy change: engaging with policymakers at the city and state level to remove hurdles for artists to access affordable housing and create the conditions for downtown revitalization.
- Capacity building: building trust, knowledge, and readiness in communities to enable this shift.
Affordable capital is essential.
Millions of dollars of philanthropic operating support end up subsidizing rent in increasingly unaffordable cities. Through a new stack of social impact investment and loan vehicles, we are addressing different elements of the problem in unique ways.
-
Rapid response for individuals & collectives
CAST-administered revolving loan
Capacity-building to support policy change & the initiative
Tax-deductible donation to CAST
Investment strategy
An arts-first real estate investment strategy.
Art is a driver of economic growth. The presence of artists catalyzes public engagement, brings economic stimulation, increases foot traffic and public safety, and increases property values and neighborhood appeal. We primarily invest in buildings and spaces where art is already happening and partnerships that have a strong arts and cultural component for activating the space.
CAST is exploring a variety of mechanisms that enable the acquisition of buildings at rock-bottom prices. This includes bargain sales and bulk purchases as well as lease-to-own strategies. A low cost basis ensures project feasibility and enables sustained affordability.
We are prioritizing buildings that are near transit hubs, close to open space, and would require minimal investment to bring up to ADA requirements. We seek locations where CAST and our partners have a significant positive impact on the surrounding community and where the arts and cultural organizations involved can be easily accessible to their audiences, clients, staff, and other stakeholders.
Buildings with flexible zoning are primed for conversion to affordable live/work spaces. While converting entire office buildings to housing can be difficult, we are identifying mixed-use conversions that better fit the structure of buildings in the downtown core. We have an opportunity to anchor the arts while also addressing the housing affordability crisis.
Ideal real estate investments are primed to offer shared amenities to all tenants and offer move-in ready, activation-ready space for collaboration and cross pollination.
The Impact of Scale
We are identifying real estate investments that have the potential for revitalization.
Affordable capital at this moment will enable CAST to dramatically scale our efforts from 10-30,000 square foot projects that benefit 1-5 arts partners to 100,000+ square foot projects that will have transformative effects on cities. And we have the infrastructure, trust, and solid footing to take on this challenge.
We have identified a portfolio of potential large-scale real estate investments with opportunities for street-level engagement, production, and live/work space. With realistic occupancy targets at 75%, we can experiment with extra space to be responsive to community needs and unforeseen opportunities.
Operational efficiencies and shared amenities will improve the long-term sustainability of our arts partners and be an impact multiplier for dollars invested.
