Billionaire alumnus Eli Broad and his wife, Edythe, donated another $2 million to help the art museum bearing their name reach its funding goal of $40 million, the university announced Wednesday.
The Broads’ latest contribution brings their total gift to the Eli and Edythe Broad Art Museum to $28 million, according to a press release. Of their contribution, $21 million is earmarked for construction and $7 million for art acquisition, exhibits and operations.
The project is set to break ground March 16 despite not having all funding in place.
About $33 million in private gifts has been raised for the project, which first was announced in 2007. The university still needs to raise $7 million more for the project’s construction, which will cost between $40 million and $45 million.
Mark Terman, associate vice president and director of principal gifts for University Development, said he remains hopeful MSU will meet its funding goal.
“When faced with the realities of the economy, it’s a tough chore,” Terman said. “But I’m always optimistic.”
The museum’s London-based architect, Zaha Hadid, and Eli Broad are scheduled to attend the ground-breaking ceremony, which will be open to the public.