Work Space

When comparing models of ownership, you might notice, condominiums, corporations and cooperatives are models of development that are easily adaptable to the development of workspace. For example, if six artists purchase a small industrial building, it is possible to structure the ownership as a condominium corporation. Each owner receives title to their particular studio space, and shared ownership of the common elements (which might include pricey equipment and exhibition or rehearsal space). Owner-tenants also share ownership of other studio spaces that can be rented out to help generate income for the property. This model provides security, since each partner has ownership to his/her own unit.

One might also follow the cooperative model, similar to the above condominium example. The cooperative owns the workspaces and leases space to its shareholders.

The process of establishing a condominium or cooperative can be lengthy, complex and expensive. Seek legal counsel. Many of the same procedures for establishing a condominium corporation apply to a cooperative. Although these ownership models seem similar, they have many differences. Review the Cooperative and Condominium sections of this manual for further information.

Ultimately, when it comes to creating art workspaces, it is important to find creative solutions to accessing property.