How Do You Quantify a Cultural Investment?

"Many consider Artspace, located on Pierpont Avenue in downtown Salt Lake City, to be the initial spark that ignited the downtown Salt Lake City real estate market. Now some fear that the funky Pierpont art studios could have the artists tenants replaced by yuppie professionals. Many call foul because the buildings that compose art space were decrepid, and decaying when they were first reclaimed in 1979.

When Artspace was established, modern rennovation in the Pioneer Park neighborhood was the last thing on the minds of city officials. In 1979 Pierpont Avenue, (beween 300 and 400 West), was one of the most dangerous places in Downtown Salt Lake City. One of the buildings that would become Artspace was where the infamous Bradshaw Auto Parts murder took place. It was a time when downtown had suffered great declines in both retail and property values during midst of the suburban sprawl exodus. However, not everyone was afraid to be downtown.

A few daring artists were willing to take up the tremendous project of renovating the spaces so they could use them as art studios. They weren't however, able to purchase the properties. Instead, they signed a 30-year month-to-month lease with the owners. Since then the property has been completely rennovated and the surrounding neighboorhood is greatly improved. What will come next?"