Museum Growth Pays off for Galleries
...heir art museums. New York for example, is planning a major building that will cover four of the East River piers in lower Manhattan. And the in Boston, the Institute of Contemporary Art will be the anchor of a 1.2 billion-waterfront redevelopment project at Fan Pier. This new development will be the nations largest convention center. The museum in Boston will be the first in nearly a century built in Boston, and it hopes to be a large tourist attraction and boost the local arts. Some of these new museum projects do come with a few problems. The Boston museum for example, is right across from the Fort Point Channel neighborhood where many artists currently live. Many may be displaced by the projects. However, some cities, such as Austin, Texas are avoiding the possibility of displacing people by building museums in areas of the city that are empty. Some city officials are also offering incentives to help convince landlords to renovate buildings and offer more residential units to aid with displacement. Museu...