Artscape, which provides studio, living and residency spaces for nearly artists in Toronto, will be placed into receivership and no long manage its 14 properties
Toronto’s Artscape, which for three decades has provided studio, living and residency spaces for artists in Canada’s most populous city, said this week that it would be placed into receivership.
The organization took advantage of Toronto’s low commercial real-estate costs in the 1990s to build out studio spaces for artists. As time marched on, the cost of living crept up, and it became increasingly necessary for Toronto artists to work with support organizations such as Artscape in order to live and work in the increasingly expensive city.
But according to a statement from Artscape this week, it financed much of its expansion with debt, which only further accumulated during the pandemic as event revenue crashed and it needed to stay afloat. Burdened by repayments, the company said it began a restructuring plan earlier in 2023. “Despite these financial challenges, our commitment to meeting the needs of artists and arts organizations that have relied upon Artscape for space, programming and other services remains strong and, through the receivership process, we will work with partners towards a model with strong oversight and financial stability that remains committed to this mission.”
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