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Museum of Fine Arts Unveils $425M Renovation Plan

BOSTON-The Museum of Fine Arts reveals the architectural designs for its comprehensive master site plan, which will nearly double the museum's 531,000-sf building. The museum is currently beginning phase 1 of the project for which it is undertaking a $425 million fundraising campaign.

By Naomi Grossman | Updated on February 19, 2002

BOSTON-The Museum of Fine Arts revealed the architectural designs for its comprehensive master site plan which will nearly double the museum’s 531,000-sf building. The plan is a multi phased project with the museum currently entering phase 1, which is scheduled to take five years and will increase the building to 677,000 sf.

The museum is also launching a $425 million campaign to support this phase of the museum’s renovation. A released statement indicates that $180 million will be designated to establish a building fund that includes construction costs as well as expenses for art relocation and reinstallation, consulting and management fees, improved landscaping and inflation; $180 million will be designated to endow programs, staff positions and new initiatives in perpetuity; and $65 million will be designated to support the museum’s ongoing annual operations and project contingencies. A spokesperson for the museum tells GlobeSt.com that estimates for the cost of the entire project were not yet determined. According to the statement, this campaign represents the most ambitious fundraising effort in the museum’s history. Its previous campaign completed in 1998 raised $137 million.

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