Few studies have sought to identify willingness to pay for arts precincts. However, given the subsidies required for developing such precincts, understanding non‐market benefits is important for their justification. Using contingent valuation, we identify community willingness to pay for the redevelopment of the Walsh Bay Arts Precinct in Sydney, Australia. We explore equity implications by examining the distribution of values across regions and attitudinal segments. We find that willingness to pay is not solely the domain of relatively wealthy inner‐city households. More distant respondents had a positive and substantive willingness to pay, as did respondents from several attitudinal segments.