Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Tuesday, November 28, 2000

Release #448-00

 
Contact:

Sunny Mindel / Michael Anton (212) 788-2958

MAYOR GIULIANI ANNOUNCES $67.8 MILLION IN CITY SUPPORT
FOR NEW GUGGENHEIM MUSEUM IN LOWER MANHATTAN

Designed by Frank Gehry, New Structure to be Built Near South Street Seaport

Mayor Rudolph W. Giuliani today announced that the City of New York is making a major, $67.8 million commitment to funding a new Guggenheim museum building in Lower Manhattan.

The official designation was made following a comprehensive review of proposals received by the Economic Development Corporation (EDC) as part of Mayor Giuliani's plan for the revitalization of Lower Manhattan. The Solomon R. Guggenheim Foundation's proposal was one of nine considered. Designed by acclaimed architect Frank O. Gehry, the new Guggenheim Museum is expected to create at least 2,550 new jobs and attract between 2 and 3 million visitors per year. The new Guggenheim is also expected to generate $280 million per year in economic activity, and $14 million in City tax revenues.

"New York City is known around the world for the richness of our cultural offerings," Mayor Giuliani said. "We are without doubt the Cultural Capital of the World, and this new project will strengthen our claim to that title. The City is proud to support this significant expansion of one of the world's great institutions. It will give a boost to our cultural life, and also to Lower Manhattan-the historic heart of New York City."

The City's total contribution comes to $67.8 million. Of this, the site-specifically, Piers 9, 13, and 14, on the East River just South of the South Street Seaport-is valued at $35 million, and is being provided through the New York City Economic Development Corporation. In addition, the City is providing $32.8 million in capital funding over five years. The total development cost for the Museum is projected to be $678 million. At 10% of the total cost, the City's contribution is consistent with the City's level of support for other landmark cultural institutions, such as the Museum of Modern Art.

Thomas Krens, Director, Solomon R. Guggenheim Foundation, said: "This is one of the most exciting moments in the Guggenheim's 63-year history. The Solomon R. Guggenheim Museum has been a presence in New York City since 1937. Since then, the Guggenheim has become one of New York's most beloved cultural treasures. Last year alone, we welcomed more than one million visitors from all over the globe. With the designation of these piers for the Guggenheim by Mayor Giuliani and the EDC, the Guggenheim can truly fulfill its mandate. I applaud the vision and imagination of our great Mayor."

The new museum building will occupy a total of approximately 520,000 square feet, augmented by significant public park and outdoor sculpture areas. The entire museum will be built on connecting platforms resting on the piers at water level. In order to preserve the openness of the platform, and to create a sense of space, light, and views from South Street through to the East River, the overwhelming majority of the museum building will be raised above the platforms with extensive light and air wells. This design creates both a view corridor of the waterfront below the level of the FDR Drive, as well as a public waterfront promenade, sculpture garden, fountain, and an expansive public park on the platform, with access to the water for ferry service and other possible boating activities.

The Economic Development Corporation (EDC) is the City's primary vehicle for economic development services. Using its real estate and financing resources, EDC helps develop businesses and create jobs throughout the five boroughs. EDC is also responsible for the sale and leasing of City-owned land for economic development and for the redevelopment of City-owned waterfront properties.


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