Posted Dec 27, 2010, 7:22 AM
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Join Date: Feb 2002
Posts: 6,712
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Quote:
Originally Posted by Illithid Dude
Also, on the Broad Collection being a small project, does $300 million count as small? Because that is how much it is going to cost.
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If it were $300 million, then it would come close to the amt that expansions of existing museums have cost------a new addition to the boston art museum cost over $500 million. Or it would easily be at the level of a proj like the guggenheim museum in spain. however, the BC will cost about 1/3 that. That's still a good amt of $, but nowadays $100 million doesn't go as far as it used to. Eli broad also has previously given lots of $$ to build a museum in michigan & for a new bldg at the county museum, so he's already stretched his funds in the past few yrs.
The original groundbreaking schedule, no surprise, has been pushed forward by several months.
Quote:
LOS ANGELES, Aug. 23 /PRNewswire-USNewswire/ -- The Broad Collection, a public museum of contemporary art and headquarters of The Broad Art Foundation's worldwide lending library, will be built on Grand Avenue in downtown Los Angeles and will be designed by world-renowned architects Diller Scofidio + Renfro, philanthropists Eli and Edythe Broad announced today.
With today's approval by the Grand Avenue Authority, on the heels of unanimous support by the Los Angeles City Council and Community Redevelopment Agency (CRA) and the Los Angeles County Board of Supervisors, the Broads have all the necessary approvals to build the approximately 120,000-square-foot museum. The Broads are expected to spend between $80 million and $100 million to build the museum and a parking garage, which was added to the project at the request of the CRA. They will also pay $7.7 million to lease the land, and they will endow The Broad Art Foundation with $200 million to cover ongoing annual operating expenses.
The Broads' decision comes after three years of evaluating locations in Beverly Hills, Santa Monica and Los Angeles.
"Our heart is on Grand Avenue in downtown Los Angeles," said Eli Broad. "This is our gift to the city that has been so good to us. We want to make great works of contemporary art accessible to the broadest public, and we can think of no better location than in the center of the contemporary art capital of the world. We would like to extend our thanks to the city of Santa Monica for their generous offer and extraordinary willingness to work with us as we considered our options."
The museum will be built across the street from the Walt Disney Concert Hall and Museum of Contemporary Art on the southwest corner of Second Street and Upper Grand Avenue. The project, along with the Civic Park, is expected to jumpstart the Grand Avenue development. Construction of the three-story parking garage is slated to begin in October 2010.
The museum construction is anticipated to begin in spring 2011 and be completed in late 2012.
The Broad Collection project will include approximately 50,000 square feet of sky lit galleries, a lecture hall for up to 200 people, and a public lobby with display space and a museum shop. The project will also include state-of-the-art archive, study and art storage space that will be available to scholars and curators who want to research works in the collection and borrow artworks for their institutions through The Broad Art Foundation's worldwide lending program.
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