When philanthropists Robert and Mary Montgomery bought and restored a grand old art-deco movie house in Lake Worth nearly three years ago, it was a turning point for contemporary art in South Florida. The building had provided space for some adventurous work in its brief incarnation as the Museum of Contemporary Art, and during the 1980s, as the Lannan Museum, it had been home to the impressive collection of J. Patrick Lannan. But under the Montgomerys, it became the Palm Beach Institute of Contemporary Art and charted a course into even more ambitious territory. PBICA has quickly established itself as an institution willing to take enormous risks. Among the highlights: a New Media Lounge and two inaugural shows in 2000 -- a landmark examination of film and video as art and a provocative exhibition that wrenched design elements from their context and repositioned them as art; and last year's large group show of artists from Brooklyn. Oh, and did we mention it's in a really cool building?