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January 15, 2015

Big Donors Power $450-Million Makeover for Houston Museum

The Museum of Fine Arts, Houston, announced gifts of $70-million and $50-million Tuesday as it unveiled a $450-million redesign that will transform the institution into one of the country's largest art campuses, the Houston Chronicle and The Wall Street Journal report. Several buildings and the overall campus will be named for investment manager Fayez Sarofim, who provided the largest donation for the project.

Richard Kinder, who chairs the museum's board, and his wife, Nancy Kinder, contributed $50-million, and eight other donors have given $10-million or more. The museum said it has raised $330-million thus far for the redevelopment, scheduled for completion in 2019. Key features include new buildings for the museum's art school and contemporary-art collection and moving all parking underground to create a pedestrian-friendly, 14-acre green space.