Do investments in Contemporary Art Centers spur investment and economic development in the surrounding community? And if so, what factors are associated with these developments’ outcomes? To assess these questions, a general overview of the dominant arts-and-economic-policy perspectives were considered, and two cases of contemporary art center developments, one in St. Louis and one in Cincinnati, were compared and treated as hypothetical value-capture investments. Sale prices of properties surrounding each investment property were adjusted to reflect market factors, then compared to values before and after an investment property opened to the public. A review of supplemental documents and interviews with the developments’ directors were used to determine factors that contributed to the effects observed in the study. Findings indicated that the adjusted value of properties in Cincinnati declined with distance from the site of development in the post-test period, and not in the pre-test period. Hedonic results for properties in St. Louis were not significant. However, the museum’s development was one among other factors that signified to investors that the area was ready for restoration. Interviews and document review indicated that community participation in the development planning process, distinctive architecture, and commercial contexts were associated with developments meeting their stated goals.