LACMA Puts Kibosh On New Building

Monday, November 22, 2010

May Company Building

We’ve just learned via the LA Times that construction-happy LACMA has suspended all future projects until they’ve raised another $100 million. The news comes on the heels of a mixed finance review from Moody’s Investors Service, which downgraded its ratings outlook from “stable” to “negative.” The museum has so far raised about $320 million for its construction program, and its construction bonds kept their A2 rating. The suspension means an official halt to SPF:A Architects’ LACMA West Project, which includes the renovation of the 1939 May Company building on Wilshire and Fairfax into new gallery spaces. That project was originally scheduled for completion this year. It also puts a longer hold on renovation projects on LACMA’s east end, which were to be the third phase of LACMA’s campus transformation.

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