I already have a home, but I need a studio. Can I purchase a share of stock for a Live/Work space to work in?

No, shareholders are required to occupy the Artist Building Cooperative located at 300 Summer Street as their primary residence.

How often do Live/Work spaces become available?

This is difficult to predict, as we have no way of knowing when residents may choose to sell their share. But we estimate over a five-year period, approximately 3-4 spaces become available.

Am I eligible to live at the Artist Building at 300 Summer Street?

Per our bylaws (Section 3.2):

any natural person whom the [Cooperative's] Artist Membership Committee... determines meets the following criteria shall be deemed to be an "Eligible Artist" and shall be eligible for Stock ownership (sometimes hereinafter referred to as "Artist Membership"):

(a) is a visual artist;

(b) has a recent body of work, documented by slides, portfolio, film, video, etc.;

(c) has a demonstrated need for studio space (due either to a desire to own rather than rent, instability of present occupancy, or loss of a studio through displacement); and

(d) satisfies at least one of the following three criteria:

(i) has an education in a medium of the arts;

(ii) has a record of exhibitions or gallery affiliation; or

(iii) can demonstrate with letters of recommendation from individuals recognized in the art community that the applicant is a serious working artist.

Additionally and non-exclusively, the following fields with aesthetic visual components will be considered: design, video, performance, and conceptual.

Note that while satisfying the above criteria (from by-laws and this guidance) will ensure a place in the Applicant Pool, it is not sufficient to become a shareholding member of the Coop. The building’s Artist Membership Committee may take into consideration other criteria as similarly important to the above, including but not limited to: ability or willingness to serve the Coop in an official or unofficial capacity, demonstrated good-neighborliness, notoriety or achievements, and the committee’s desire to have our membership reflect the demographics of the surrounding communities.

How can I be notified when a Live/Work space becomes available?

Apply to our Applicant Pool or subscribe to our email notification list (blue box on homepage) to find out when a Live/Work Space becomes available in the Artist Building at 300 Summer. We also post information about available spaces here on our website. 

300 Summer Street is a limited equity cooperative. What does that mean?

  • The “cooperative” part of this title means that each member of the cooperative owns one share of stock in the cooperative, entitling the member to lease his or her Live/Work Space from the cooperative according to a residency agreement and proprietary lease.

  • The “limited equity” part of the title means that the 48 live-work primary residences are meant to be kept at below market rate over time.

What is the difference between buying a cooperative space and a condominium unit?

In a cooperative, like the Artist Building, you own a share of stock that allows you to live in a space; in a condominium, you are purchasing real property. We encourage prospective buyers to research the distinction further to fully understand the financial and organizational differences.

What monthly charges would I pay?

There are three main components of the cooperative’s monthly fee: 

  • Debt Fee: Live/Work’s portion of Coop Mortgage (interest is tax-deductible) 

  • Members Assessment Fee: Includes common area utilities, repairs, maintenance, cleaning; management fees, trash/recycling, snow removal, master insurance; Live/Work’s heat, air conditioning, and property taxes (property taxes are tax-deductible) 

  • Capital Reserve Fund (CRF) Contribution: A fund for major capital needs  

In addition, members pay: 

  • Home insurance (required by Coop by-laws) 

  • If a second mortgage (share loan) was secured to pay the MTV, monthly payments on that loan (interest on share loans is tax-deductible) 

  • Utilities like electricity, water, and internet (billed directly to resident)  

What other responsibilities would I have as part of the cooperative?

In addition to financial responsibility, coop ownership includes expectations that shareholders will: 

  • abide by the building by-laws, proprietary lease and residency agreement, 

  • participate in yearly Open Studios events, 

  • serve on the cooperative’s governing board of directors, 

  • volunteer for building-related committees 

Members are also expected to join the Fort Point Arts Community (FPAC). Membership is available online. 

What are the building’s by-laws, proprietary lease and residency agreement?

These are the legal documents that guide the cooperative and its members. If an applicant successfully applies to become listed in our prospective applicant pool, we will furnish the applicant with the governing documents upon request.

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