LONDON—The artist Tracey Emin has purchased part of a historic quarter in East London, an attempt to save the area from commercial and corporate development, the Guardian reports. Emin shelled out £4 million, half of which will go to restoring the former 17th-century weaving works Tenter Ground to its original form, which Emin will use as a studio. Emin also is thought to have bought out the leases of artists currently renting studio space in the building. "It would be far cheaper for me to buy somewhere else," said the artist, who is being lauded for safeguarding the area's future as an arts district. "It wasn't a deal in that sense. In fact, it is a stupid project in a way. But I like the idea of keeping [art as a] use for the building."