The Los Angeles County Board of Supervisors on Tuesday unanimously approved a plan to house Eli Broad's art collection at a museum that would be part of the Grand Avenue Project downtown.
The board's okay was the third of four approvals needed for the museum to be built, but it's not a sure thing yet: Broad hasn't committed fully to it. But … the billionaire developer-turned-philanthropist has been an unapologetic downtown booster and longtime proponent of the Grand Avenue Project.
The fourth and final approval was needed from the the Grand Avenue Authority, which was scheduled to meet Monday.
The project, it seems, needs the museum — which would house Broad's exquisite art collection — more than he needs it: The showcase would occupy retail space that might be otherwise filled as part of the Grand Avenue Project. (And who would want a grand development as part of downtown's renaissance if it had empty storefronts?).
Following a story in the Weekly about how Broad would be getting the $7.7 million public property for $1 a year in lease payments, the billionaire announced he would dedicate $7.7 million to affordable housing.
He would also foot $80 to $100 million in construction costs and plow $200 million into an endowment for the museum.
Of course, as we said, it's not a done deal yet. But it sure looks like it is.