This Just In: Broad eyes Downtown for museum

All of Downtown has been abuzz this week after billionaire developer/philanthropist Eli Broad officially announced that a Grand Ave site is also under consideration for his $60 million art museum and foundation headquarters. Just last week, we reported that a strange site in Culver City was Broad's elusive third choice. But the President of neighboring West LA College has heard nothing from Broad's people, so that revelation may have been a distraction.

Broad obviously has very strong ties to--and friends in--Downtown, from his support of the lingering Grand Ave behemoth to his recent $30m bailout of MOCA. Impatient with developer Related Co.'s inability to get things going on Grand Ave, Councilwoman Jan Perry has expressed excitement at the prospect of Broad moving in nearby. The site under consideration is a surface parking lot on the south side of Disney Hall, sunken below street level on Grand Ave. The lot is one of the smaller parcels owned by Related Co., a developer that has been hit hard by the real estate setback, and is waiting for the capital market to rebound before plowing forward. Related would likely get an extension on their city-mandated deadline to break ground if some of the land is sold to Broad's project.

The City of Los Angeles was initially left out of consideration for the museum. In old age and frustrated by a lifetime of red tape, Broad is desperate to expedite this project as much as possible. But Santa Monica's city council isn't voting on the deal until next month - a time frame that may prove to hurt their bid. Some Santa Monicans argue however that the city is offering too many concessions to bring Broad's museum to the derelict Civic Park neighborhood (selling the land for $1, for example); they believe a much better deal can be reached via a developer who has commercial plans for the site. Meanwhile, Beverly Hills, who doesn't even own the property Broad wants, might as well kiss its chances good bye.

Source: Santa Monica Daily Press; Photo: Eric Richardson

Culver City enters running for Broad art museum site

In an interview last week, billionaire developer and philanthropist Eli Broad revealed that a 10 acre site in Culver City is also under consideration for the location of a new museum that would be endowed in his name. When Broad announced plans for the museum back in November of 2008, a site at the southeast corner of Santa Monica and Wilshire Blvds in Beverly Hills was the principle consideration. A year ago however, Broad announced that he was also looking at a 2.5 acre city-owned lot next to Santa Monica's Civic Auditorium. The Culver City site is located along Jefferson Blvd on the West LA College campus.

Broad's revelation was shocking to all, but perhaps more so to Mark Rocha, West LA College's president, who says that he hasn't heard from Broad's foundation. After reading about the competition between Santa Monica and Beverly Hills last year, Rocha wrote the foundation, asking them to consider his site as well. Unfortunately that vacant lot is currently being used as a staging area for the college's capital construction project, and will likely be in use for another 2 years.

But Broad says that at age 76, he wants the project to move fast, with as little red tape as possible. While Santa Monica already owns its site in question, the City of Beverly Hills would have to acquire the parcel that Broad has been eyeing. And whichever city gets the honor of landing Broad's museum would be asked to donate the land, contribute $1m+ in construction fees, provide parking, and pay for landscaping. It is a pricey investment that each municipality believes will be well worth the prestige and popularity of the Broad collection. While Broad has said he is not trying to pit each city against the other to generate the best deal, he is probably selecting jurisdictions based on their ability to expedite the bureaucratic process. The City of Los Angeles, notably but not surprisingly, is not on Broad's short list.

The 50,000 sf facility is to house Broad's 2000 piece art collection, his foundation, storage space, and a research component. The museum would be launched by a $200m endowment, said to sustain a $12m/year operating budget. That bequest would be the largest infusion into Southern California arts, second only to the $2.76b Getty Trust. It is estimated to cost ~$60m.

Source: LA Times