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Broad: Great Time For Development

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Bloomberg tracks down Eli Broad and gets some actual quotes from the philanthropist about his planned art museum for Beverly Hills: "The time for building a museum couldn't be better, Broad said. Land is less expensive and construction costs are declining as builders cancel projects because of the credit crisis. 'It may be easier to do because of the economy,' Broad said. 'Development is ceasing as projects are withdrawn.'' Additionally, Broad reveals that the Broad art foundation lost 18 percent on its investments this year, but that he's not too worried since other "university endowments are off by 35 percent." And no, Broad doesn't say which architect he'll hire for the museum. [Bloomberg]