When we discuss commercial real estate, public art displays are not usually dominant in the conversation. Recently, however, the city of Sacramento has given us a reason to change the way we think about art in relation to CRE.
M5ARTS is an arts initiative from Downtown Sacramento that has made good use of plans within the commercial real estate sector over the past two years. In 2016, they learned that the old Jade Apartment building was scheduled to be demolished for renovation. Before its demolition, over 60 artists from around the world turned the building into the now locally-famous “Art Hotel.”
This project set a positive precedent for the role of commercial real estate as an outlet for the city’s strong art scene. Earlier this year, M5ARTS returned to present the community with a new project called “ArtStreet.” This time around they utilized a warehouse owned by The Mill at Broadway. They granted M5ARTS access to one of their warehouses in February, and ArtStreet became a successful sequel in the local sphere.
The Mill at Broadway is a commercial real estate project set to revitalize the area around Broadway Street with an entirely new urban community. The project itself is slated to continue supporting Sacramento’s art scene – they are working with LC Studio Tutto to create a large-scale public art and entry with murals covering multiple warehouses along 3rd Street off Broadway.
The unique combination of public art and commercial real estate is beneficial for the whole community. By using buildings that have already been set for demolition or have not yet been developed, there is no disruption to CRE plans already in place. They also provide a venue for larger scale art projects that would certainly struggle to find a home in any other situation. The “limited time only” nature of these projects also serves to boost popularity and attendance. In a fascinating partnership, commercial real estate is proving to be a valuable asset to Sacramento’s art culture.
Project at “ArtStreet”
Image from “City of Sacramento,” Twitter