- Associated Press - Thursday, January 6, 2011

LOS ANGELES (AP) — Billionaire Eli Broad’s planned downtown contemporary art museum, which will showcase his 2,000-piece collection that includes works by Salvador Dali and Joan Miro, is a three-story, $130 million honeycomb structure that will be known simply as Broad.

The developer-turned-philanthropist unveils the architectural design and discusses plans for the Grand Avenue museum during a late morning Thursday news conference at the nearby Walt Disney Concert Hall. A committee of state and local officials voted earlier to let him lease county-owned land.

Broad says he hopes the museum — formally called The Broad Art Foundation — will help realize his vision of downtown L.A. as a bustling urban hive of culture and street life. It will have 35,000 square feet of gallery space.