Artifacts
Pied Carré was initially unable to rent enough units to stay afloat financially. To avoid bankruptcy, they accepted a line of credit from Allied. By 2020, Pied Carré owed over $2,000,000.00 to Allied plus additional debts for their own renovations to transform allotted units on the allocated floors into studios. In the intervening years the demand for studios has grown: Pied Carré now has a waiting list for vacancies.
The financial difficulties faced by Pied Carré are multifaceted, but stem at least in part from the renovations Allied made to the building, some of which were structural, but many of which were aesthetic. In some cases these renovations also were conducted unilaterally or against Pied Carré’s requests, and moreover made the building less functional and less accessible for artists (such as when Allied sealed external windows and in so doing obstructed studios’ ventilation, or converted the freight elevators to service upper floors of the building rented by Sun Life Insurance). These renovations triggered a significant increase in city taxes, passed on to tenants as an increase in net rental costs beyond what is considered affordable for many artists. Cumulatively, these changes did not have as detrimental an impact on the artist-run centres as they did on individual artists, since artist-run centres, as not-for-profit initiatives, can receive modest financial support from the city to offset taxes, while studio spaces are considered and taxed as commercial property rentals. In taxation terms, artists are seen as for-profit entrepreneurs.
When Allied purchased the de Gaspé building, the company celebrated the acquisition by sending a welcome gift to some tenants: a Monopoly game branded with Allied properties on the gameboard and the company CEO on its currency. The Monopoly game displayed here was sent as a gift from Allied to centre CLARK.