Broad's Bunker Hill museum gets approval of CRA

Mayor Antonio Villaraigosa and MOCA director Jeffrey Deitch praised the choice of Grand Avenue for Eli Broad's modern art collection. It will sit atop a parking garage to be built on the surface lot south of Disney Hall. From Blogdowntown:

That garage will include 284 spaces and will bring the museum podium up to the level of Grand Avenue. The building itself will contain up to 120,000 square feet, of which 30,000 to 35,000 square feet will be dedicated to exhibition.

The structure of the agreement approved today is complicated, involving two ground leases, the sale of air rights, and a deal by which the redevelopment agency may end up repurchasing the parking garage component for up to $30 million. The CRA will be making an $8 million upfront payment to cover predevelopment expenses, and will also be paying for $2.4 million in public improvements.

The CRA vote was unanimous. Now to the City Council.

Wrinkle: A Chinese arts group wants the location opened for bidding. LAT, Downtown News, Curbed

Photo crop: Blogdowntown