Artist Pays $1 for Abandoned Building and Changes It Into Something Amazing

On the south side of Chicago, it is not difficult to find homes that are about to be demolished. It is unfortunate, but a true indicator of economic problems. When you take a look below the surface, many of these buildings have awesome architecture and are still available at the lowest prices imaginable.

When Theaster Gates purchased a derelict bank for $1, he saw more than an abandoned building. What he saw was beauty, and being an installation artist, he transformed it into something that is truly a landmark for the community. He was able to raise $3.7 million to complete the restoration and today, it is certainly a site to behold!

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Gates founded the Rebuild Foundation and reports that the Stony Island Art Bank is slated to become a “multi-disciplinary platform for site-specific installations and exhibitions of contemporary art, artist and scholar residencies, and archival collections essential to the history of art, architecture, and black culture.”

The goal of the foundation is to integrate this unique art center into the surrounding community to the best of their ability. The bank was abandoned for decades after it fell into disrepair, but it has been standing for almost a century, as it was built in 1923.

Although it would be fantastic for everyone to see this art exhibit in person, we understand that not everyone has that opportunity. You can look at some of the pictures below of what you are missing…

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