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CRA To Put $10.5 Million Into Parking Garage for Broad Art Museum

By Eric Richardson
Published: Saturday, July 10, 2010, at 12:27PM
Grand Avenue Parcel L Eric Richardson [Flickr]

Currently a surface parking lot, Parcel L could become home to the Broad Art Museum. The site is next to the Walt Disney Concert Hall and across the street from MOCA and the Colburn School.

Eli Broad's art museum could take a major step closer to securing its home on Grand Avenue this Thursday, when the Community Redevelopment Agency votes on an agreement designed to build the parking garage on which the facility would sit.

In January, blogdowntown was first to report that the billionaire philanthropist was considering Grand Avenue for a museum to house his foundation and art collection. The museum would be located on the block immediately south of Disney Concert Hall, on a parcel that is part of the Grand Avenue Project.

Since then, Broad has conducted a design competition with six architecture firms, reportedly favoring Diller Scofidio + Renfro to design the structure.

The agreement headed to the CRA board on Thursday would have the agency pay $8 million toward the parking garage that would act as a podium for the museum, bringing it up to the level of Grand Avenue. It would contain 284 spaces on three levels, with access off of 2nd street.

The agency will also pay $1.8 million to shore up foundations for the 2nd street tunnel and $1.7 million for other site work and public improvements.

The total cost of the garage project is estimated at $23 million, with the museum above projected to cost $80 to $100 million.

As part of the deal, the agency gets an option to buy the garage from The Broad Collection for either the cost of construction or $30 million (inclusive of the initial $8 million), whichever is less.

The agreement must also be approved by the City Council before it becomes final.

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