Billionaire Philanthropist Eli Broad has chosen downtown Los Angeles over Santa Monica as the site of his new contemporary art museum that will showcase his extensive art collection.
A committee of state and local officials gave final approval Monday for the project, which will kick start Los Angeles' long delayed Grand Avenue plan. Broad says he hopes to make the museum "a prominent anchor to a growing cultural district."
"Influencing our decision was my commitment to downtown Los Angeles over the past 30 years, including my role as founding chairman of MOCA in 1979, our work with Mayor Riordan to construct the Walt Disney Concert Hall and the High School for Visual and Performing Arts, and my prior involvement with the Grand Avenue Project," Broad said in a letter quoted in the Santa Monica Daily Press.
The 120 thousand square-foot venue will feature paintings, sculptures and photos from Broad's 2,000-piece collection, which includes works by Salvador Dali and Joan Miro.
Santa Monica had hoped to lure the project by offering to expedite its approval process as well as give millions of dollars in financial incentives. But in the end Broad chose downtown LA.
The 120 thousand square-foot venue will feature paintings, sculptures and photos from Broad's 2,000-piece collection, which includes works by Salvador Dali and Joan Miro.
Santa Monica had hoped to lure the project by offering to expedite its approval process as well as give millions of dollars in financial incentives. But in the end Broad chose downtown LA.
"Our heart is on Grand Avenue in downtown Los Angeles. This is our gift to the city that has been so good to us," Broad told the Daily Press.
Broad picked New York Developers Diller Scofidio + Renfro to develop the building, which will sit at 2nd and Grand Ave across from the iconic Disney Hall and the Museum of Contemporary Art.
Under the deal, Broad will finance construction, contribute $200 million toward its operation, and pay $7.7 million over the course of a 99-year-lease for the 2.5-acre parcel.
Broad, 76, is ranked by Forbes as the 42nd wealthiest person in the world with a current net worth of $5.4 billion.
Construction on the underground parking garage for the museum is planned to begin in October. The museum is expected to be completed by late 2012.
