Here’s an update on the rumors I heard two weeks ago about the Charleston Ballet Theatre moving from its King Street studios and Redux Contemporary Art Center moving from its St. Philip Street location.

First, CBT isn’t moving. And second, Redux isn’t moving. Not yet, anyway.

According to Chris Price, of PrimeSouth Bank, which owns each property, the leases for each arts organization are currently in effect.

The terms of CBT’s lease run through the end of this year with a provision for possible extensions. According to Seth Curcio, the director of Redux, the center’s lease runs through the end of 2009. That contract has the possibility of a one-year extension.

That’s the short term. The long term, however, is less certain.

In the next three to five years, PrimeSouth plans to redevelop a two-acre half block between King and St. Philip streets and Morris and Radcliffe streets.

In other words, PrimeSouth plans to redevelop the current homes of CBT and Redux somewhere between the years 2011 and 2013 — by the end of Redux’s current lease after you include the one-year extension.

The plans, which Price said have not been brought before the city’s planning department yet, will feature mixed-use properties — retail, office space, and hospitality.

Price said PrimeSouth values the arts (the company currently offers CBT a discount on its King Street location that’s around 60 percent of the market value). He said that there have been discussions to include Redux and CBT in the redevelopment plans.

But nothing is certain. Redux’s and CBT’s inclusion in PrimeSouth’s plans would be “contingent on their commitment to greater funding,” Price said.

In other words, they’d need to raise more money.