Tuesday, October 23, 2012
Miami Art Museum donations on pace with building -- posted by Florida Fine Art Blog
Miami Art Museum donations on pace with building
Miami Herald By Daniel Chang
Miami Art Museum officials are more than halfway to their goal of raising millions in private donations for their new waterfront home.
Seeing is believing for donors to the new Miami Art Museum now under construction alongside Biscayne Bay in downtown’s Bicentennial Park.
With elevated platforms resting atop columns, a trellis-like roof, and a grand staircase that opens onto the water’s edge, the MAM building designed by the Swiss firm of Herzog & de Meuron has generated enthusiasm among architectural critics and museum officials alike.
Lately, MAM director Thom Collins said, that sense of excitement has spread to the museum’s benefactors.
As workers give shape to the museum’s Stiltsville-inspired design, donations to the building campaign are on pace to meet the promise made by museum trustees to raise $120 million in private funds to offset the costs of construction and future operations, he said. More than half has already been pledged.
“People don’t get on board until they see things,’’ Collins said during a recent tour of the construction site. “We’re well within $2 million of finishing the bricks and mortar fundraising.’’
The guaranteed maximum price for MAM’s new building is $131 million, Collins said, but the total price tag on the project, including an endowment to ensure its future operations, is about $220 million.
Public money from a general obligation bond approved by Miami-Dade voters in 2004 will pay $100 million of that cost. Museum trustees pledged to raise an additional $120 million in private donations, including $31 million to offset construction costs, $70 million for an endowment to ensure future operations, and $19 million for transitional expenses.
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