It turns out there’s a silver lining to this crappy economy. When the housing market goes bad, it can be a good thing for arts groups. The Redux Contemporary Art Center has renewed its lease with the PrimeSouth Group essentially until 2011.

The real estate developer is losing tenants on Upper King Street — some are calling it a “ghost town” — and is doing what it can to keep them, even if that means letting out property at deep discounts. Kyle LeGette, Redux’s development director, says Redux is still searching for a new home. Once the new executive director, Karen Myers, settles in, and a new board is established this month, the nonprofit plans to search for someplace bigger, where it can expand educational outreach programs.

Meanwhile, Chris Price, of PrimeSouth, says that CBT has also been able to extend its lease for the next three years as well. Calls to CBT’s Jill Bahr have not yet been returned, but in the past, the ballet company has said it was not looking for a new home. Fortunately, the economy turned in its favor.

UPDATE: Charleston Ballet Theatre is set to meet with PrimeSouth Group on Friday. Jill Bahr, CBT’s choreographer, says CBT has not yet signed a lease renewal with the real estate company, but anticipates that the meeting to go well. Given that Chris Price, head of PrimeSouth, has already said CBT is able to extend its lease, it appears likely that the lease renewal will unfold as expected.