Crane Arts: Financing Artist' Workspaces
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Urban Studies and Planning
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This brief tells the story of Crane Arts, the conversion of Crane Plumbing Company's 1905 factory and warehouse in Philadelphia's Old Kensington, to affordable artist studio and gallery space. In spring 2004 two artists and a developer--Crane Arts LLC purchased the property and began the challenge of rehabilitation of a century-old factory in a former manufacturing district. Along the way, they heard about TRF's lending activities, including commercial real estate in urban neighborhoods. The Crane Arts project was a perfect fit for TRF, which views the arts as critical to the health of a community and invests in projects that have the potential to catalyze revitalization in Philadelphia neighborhoods. The success of Crane Arts has encouraged TRF to finance other artist centers in Philadelphia.
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The Culture and Urban Revitalization project was a collaboration between SIAP and The Reinvestment Fund (TRF), a community development financial institution, with support by the Rockefeller Foundation.