American philanthropist Eli Broad has announced the construction of his own contemporary art museum in Downtown Los Angeles.
New York architecture firm Diller Scofidio + Renfro will design the museum, which will stand next to the Walt Disney Concert Hall.
Estimated at $80m to $100m, the 120,000ft² museum building will include exhibition space, offices and a parking garage on a site that is now a parking lot.
Broad will pay $7.7m for a 99-year lease of the public land near the corner of Grand Avenue and 2nd Street and is expected to contribute around $300m for the new museum, according to latimes.com.
Designs will be released in October this year and the construction of the museum is scheduled to begin in early 2011, with an expected completion date of late 2012.