This lower Manhattan area is located SOuth of HOuston Street and was in the early 1900s an area of cast-iron factory buildings. In the 1960s and 1970s, after many factory closures, the artists rediscovered the area, using low-rent factories as lofts. An art scene grew up in SoHo and property values increased. In the 1990s, SoHo boasts institutions like the SoHo Guggenheim as well as luxury shops and residences. Although some longtime residents remain, SoHo has become more about the sale and display of art than its production. The stump-compound name of SoHo has also been extended to NoHo (North) and mimicked elsewhere—hence SoBe for South Beach, in Miami, FL.