Billionaire Eli Broad and his wife Edythe started the Broad Art Foundation for which they had been looking for a suitable location for some time now. They have finally found a place at Grand Avenue in downtown Los Angeles. This is a county-owned land on which it has been planned to construct a 35,000-square-foot structure to house pieces from the collection of 2,000 pieces. A committee of state and local officials voted in favour of leasing the land to this philanthropic couple.
The terms of this deal state that the foundation will have to pay $7.7 million for a 99-year lease for the 2.5 acre piece of land. This land was previously earmarked for a $3 billion project that would include condos, retail stores and hotels. But this project never materialized and the Museum of Contemporary Art and Disney Hall were the only monumental structures on this street that was touted to become one of the city’s most vibrant areas.
The construction of this museum will cost around $100 million. Diller, Scofidio & Renfro are going to be the architects for this prestigious project. The final design will be unveiled around October and the construction on the project is supposed to be over by 2012.