Alternative art spaces may signal the beginning of an area's gentrification, but inability to pay rising rents and eventual replacement by a big-box grocery retailer sure hammers it home. Art Newspaper reports that Williamsburg art center Monster Island will be shutting down after seven years on the waterfront; demolition is scheduled for November and Whole Foods is rumored to be considering the site. Corcoran's June market report "found that average property prices per sq. ft in the second quarter of 2011 had increased by 10% compared with the same period in 2010," and we're sure a Whole Foods branch could afford to fit right in with the two new wine stores, Duane Reade, and CVS on Kent that cater to recent waterfront high-rise transplants. UPDATE: The Real Deal points out that the site is owned by an LLC that shares an address with discreet developers The Chetrit Group.
· Williamsburg art centre forced to close [Art Newspaper]
· Whole Foods could replace W'burg art center [The Real Deal]