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Eli Broad's new art museum to be built in downtown L.A.

August 23, 2010 | 11:33 am

Eli Broad will be building an art museum designed by New York firm Diller Scofidio + Renfro on Grand Avenue near Walt Disney Concert Hall in downtown Los Angeles, after the Grand Avenue Authority, the last governmental body whose approval was required, on Monday voted to approve the project.

The joint powers authority, which oversees development along the avenue, joined the Los Angeles City Council and the County Board of Supervisors in endorsing the project. Construction is slated to start in October and should be completed in late 2012, Broad said.

The original deal sparked some controversy after Broad, a billionaire, originally requested to lease the public land for a dollar a year. Last month, he told city and county officials that he would pay $7.7 million for a 99-year lease, winning over opponents of his plan. Broad, a philanthropist and art collector whose estimated net worth is $5.7 billion, according to Forbes magazine, already has promised to pay the full construction cost of up to $100 million and to provide a $200-million endowment.

Broad had also been considering Santa Monica and Beverly Hills as possible sites, but Monday's announcement underscores his longstanding commitment to downtown Los Angeles.

More to come at latimes.com/culturemonster.