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June 3, 2014

AMPAS & LACMA Come To An Agreement

CicLAvia Wilshire - Oscars (1640)
The former May Co. department store adjacent to the LACMA campus
.

The Academy of Motion Pictures Arts and Sciences and the Los Angeles County Museum of Art have come to an agreement in which the Academy will lease the May Co. department store building from LACMA for $36.1 million, payable in advance. The rent is due October 1, 2014, and is good for 55 years. It breaks down into $28 million for the building and $8.1 million for adjacent land where the Academy will build a movie museum, for which the Academy is raising $300 million.

Academy Movie Museum
It's planned to look something like this.
Scheduled to open in 2017.

Filed under Architecture,Film/Movies | permalink | June 3, 2014 at 02:54 PM

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