Broad Museum One Step Closer To Downtown
A museum to house Eli and Edythe Broad's significant modern art collection moved one step closer to a downtown location Friday, as the City Council approved a plan to make it part of the luxury hotel and condo Grand Avenue Project.
Councilwoman Jan Parry said construction could begin as soon as September if the L.A. County Board of Supervisors and the Joint Powers Authority also give the go-ahead.
A Broad spokeswoman said he is still weighing an offer from Santa Monica for a rent-free site next to the Civic Auditorium.
But as the Weekly has reported, downtown is the odds-on favorite.
Broad will pay $7.7 million to the city's Community Redevelopment Agency for city owned land as part of the deal. As Weekly contributor Tibby Rothman has pointed out, the land will be used mostly for Broad's private foundation's new offices and other non-public space -- not for the much smaller space set aside for the art museum.
Broad would also provide $200 million to endow the museum for its operation and front construction costs for the museum and parking beneath it to the tune of $80 to $100 million.
-With reporting from City News Service. Got news? Email us.