Taubman, the late Josephine F. Ford and Richard A. Manoogian are among the major donors who have contributed a total of $54 million to the Detroit DIA's new $180-million capital campaign "Great Art, New Start." Manoogian is chairman and CEO of Masco. Ford, a member of the automotive family, was a daughter of Edsel and Eleanor Ford and a long-time patron of the arts in the Detroit region.

The DIA is raising funds to complete its building project, increase its endowment and finance annual museum operations. "We are tremendously grateful for the continuingsupport of these extremely generous donors," said Graham W. J. Beal, DIA director. "It is very heartening to have such a broad base of support for the DIA's mission, and to realize that so many believe in our vision for the future."

The DIA is approximately 50% through a renovation and expansion project designed by architect Michael Graves, adding 32,000 sf of gallery space to the museum. "The project addresses critical infrastructure and space issues, and at the same time respects the signature architecture of the Cret building," said Taubman, founder of the Taubman Co. and chair of the museum's building committee. "In 2007 we will reopen a building that is as exceptional as the collection it houses, a facility designed to provide a superior visitor experience."

While the DIA's building plan remains on schedule, a large amount of asbestos was found after the work was begun in the museum, which added $40 million worth of reconstruction costs to the project.

"A successful campaign and completion of the building project are critical steps in establishing a stable financial foundation for the DIA, and we are deeply grateful to all those who have so generously supported our fundraising efforts to date, particularly members of the DIA board," said Eugene A. Gargaro Jr., vice president and secretary of Masco Corp. and chairman of the DIA board of directors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.