In August 2010, Eli Broad announced formally that he would build a museum in Downtown Los Angeles. He agreed to pay $7.7 million for a 99-year lease. Officially characterized as a grant, the money subsidized affordable-housing units at The Emerson, a high-rise residential tower next to the museum.The agreement also includes an $8.5-million government share of the cost of the museum's outdoor plaza and government payments of up to $30 million to reimburse Broad for building the museum's underground parking garage. Under that buy-back provision, the garage eventually will be government-owned.
In an invited architectural competition for the project in 2010, six architects were asked to present preliminary designs. They included Dutch architect Rem Koolhaas and his firm Office for Metropolitan Architecture; Swiss pair Herzog & de Meuron; Christian de Portzamparc from Paris; Japanese duo Ryue Nishizawa and Kazuyo Sejima of SANAA; and Diller Scofidio + Renfro from New York. Diller Scofidio + Renfro were eventually chosen to design the approximately 120,000-square-foot museum, which includes exhibition space, offices and a parking garage.
In February 2015, Eli and Edythe Broad hosted a public preview of the new building, attracting some 3,500 visitors.
The museum was opened by the Broads on September 20, 2015.Celebrities in attendance included Bill Clinton, Reese Witherspoon, Matthew Perry, Heidi Klum, and Larry King, among others.
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