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June 30, 2016

$75 Million Perelman Gift Backs New N.Y.C. Arts Center

Billionaire businessman Ronald Perelman announced a $75 million donation Wednesday to help build a new performance venue at the World Trade Center site, The New York Times reports. The gift revives a project that has been in the works for more than a dozen years but has gone through numerous fits and starts, including a Frank Gehry design being shelved and several prospective anchor tenants backing out.

The $240 million project is one of the last pieces of unfinished business in redeveloping the site of the September 11, 2001, attacks. An arts center was a key feature of a 2003 master plan for the site, and the Lower Manhattan Development Corporation has earmarked $100 million in federal funds for the project. The center will be named for Mr. Perelman, who last year served a brief but contentious term as chairman of the Carnegie Hall board. A new design envisions a multidisciplinary complex with three performance spaces.