The terms of the deal are that the foundation will pay $7.7 million for a 99-year lease for the 2.5 acre piece of land. This land was once earmarked for a $3 billion complex of condos, retail stores and hotels. That project never got off the ground, and the Museum of Contemporary Art and Disney Hall were left at one end of a street that was expected to become one of the city's most vibrant areas.
Broad's museum could cost $100 million to construct and per the terms of the deal also must contribute $200 million toward its operation. The AP reports that Diller, Scofidio & Renfro has been named as the architect for the project. The design will be unveiled in October. Construction should be finished by the end of 2012.