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LACMA Laying Off the Starchitects For a Bit

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Poor LACMA's about to lose its favorite hobby: building stuff (just as soon as that Renzo Piano restaurant is finished).The museum is about $63 million short on the cash it needs to back its $383 million in construction bonds, according to the LA Times, so Moody's has changed LACMA's outlook from "stable" to "negative." And because of those liquidity issues, LACMA won't start construction again, most notably on SPF:a's renovation of LACMA West in the old May Company building, until it's banked $100 million. (Which is what a LACMA rep told Curbed in July 2009: "The renovation is on hold until we raise $100 million in pledges.") Only $9 million has been raised for the capital campaign in the last two years, so it's going to be some slooooow going. But there's good news too: the Resnick Pavilion ended up $1 million under budget, at just $53 million. [LACMA West rendering via SPF:a]
· Los Angeles County Museum of Art officials halt further construction until more donations are secured [LAT]
· May Company Makeover: Rehab of LACMA West [Curbed LA]

May Company Building

6067 Wilshire Blvd., Los Angeles, CA