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Tuesday, August 10, 2010

L.A. City Council Approves Broad Museum, Though Hurdles Remain | Los Angeles Luxury Real Estate-Beverly Hills Homes-Realtor-Real Estate-http://www.ChristopheChoo.com

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© Patrick McMullan Company
Philanthropist Eli Broad with wife Edythe Broad standing in front of a sculpture by Walter De Maria at LACMA


Courtesy Google
The parking lot on the left is the proposed downtown Los Angeles site for Broad's museum.

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LOS ANGELES— The Los Angeles City Council voted unanimously to give Eli Broad the go-ahead on constructing his planned Grand Avenue museum, but the billionaire collector still needs the OK from the Los Angeles County Board of Supervisors and the Joint Powers Authority, which is overseeing the larger downtown development. To complicate matters, Broad’s representatives have stated that their philanthropist boss — who almost seems to take pleasure in drawing out the planning process — is still toying with the idea of building at an alternate Santa Monica location instead.

"He needs to know that the project is possible on Grand Avenue before he decides between Santa Monica and downtown Los Angeles," Broad’s spokesperson Karen Denne told the Los Angeles Times. No matter where it ends up being located, the proposed institution, which is temporarily being referred to as the Broad Collection, will be operated with a $200 million endowment provided by its namesake real-estate magnate.

The difference between the plans for the two sites, according to the Los Angeles Times, is that the downtown space adjacent to Frank Gehry’s Walt Disney Concert Hall would include some added expenses: $22 million for a 284-space parking lot and $7.7 million for the market-value acquisition of the real estate, which would finance affordable housing in the Grand Avenue Project’s condos. Santa Monica, in contrast, has offered up a government-owned chunk of land rent-free.

L.A. City Council Approves Broad Museum, Though Hurdles Remain | Los Angeles Luxury Real Estate-Beverly Hills Homes-Realtor-Real Estate-http://www.ChristopheChoo.com

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