Billionaire philanthropist Eli Broad has chosen his spot. Broad and
his wife Edythe have decided that the Broad Art Foundation will be
settling in on Grand Avenue in downtown Los Angeles. A committee of
state and local officials voted that he could lease county-owned land to
build a 35,000-square-foot structure to house pieces from the
collection of 2,000 pieces.
The terms of the deal are that the foundation will pay $7.7 million for a 99-year lease for the 2.5 acre piece of land. This land was once earmarked for a $3 billion complex of condos, retail stores and hotels. That project never got off the ground, and the Museum of Contemporary Art and Disney Hall were left at one end of a street that was expected to become one of the city’s most vibrant areas.
Broad’s museum could cost $100 million to construct and per the terms of the deal also must contribute $200 million toward its operation. The AP reports that Diller, Scofidio & Renfro has been named as the architect for the project. The design will be unveiled in October. Construction should be finished by the end of 2012.
By Deidre Woollard