Frost family cans museum board, issues loan to save project

Miami /
Feb.February 10, 2016 04:30 PM

Miami’s troubled Museum of Science project has been bailed out by its namesake family: Phillip and Patricia Frost.

The Frosts gave the $305 million project a bridge loan to keep construction work moving while Miami-Dade County officials explore new funding options, according to a release from the Patricia and Phillip Frost Musuem of Science. Earlier this year, the museum project ran into serious financial trouble when fundraising efforts fell short of its goal and the search for a construction loan came up empty.

On top of that, almost all of the $160 million pledged to the museum by Miami-Dade has already been spent. That left doubt over whether the museum could pay its $5 million to $7 million monthly bill to general contractor Skanska, as previously reported.

Although the Frosts have bailed out the project for now, they requested that the museum’s board of trustees be replaced. The previous board was in charge of the museum’s fundraising campaign that missed the mark — though it had reached $103 million in private donations late last year.

Trish and Dan Bell, the board’s previous co-chairs of 11 years, were given honorary positions as they make way for their replacements.

The new board will initially consist of: Patricia Frost herself; Cesar Alvarez, senior chair of law firm Greenberg Traurig; and Richard Pfenniger, previously CEO of healthcare company Continucare.

Despite the project’s series of shakeups, which included switching general contractors mid-construction, museum officials said in the release that the final cost is expected to fall within the original budget of $305 million. The board also expects that the museum’s grand opening will still take place by the end of this year— Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
AHS Residential Ernesto Lopes and AHS Residential Tamiami (Credit: AHS)

AHS Residential scores $33M construction loan for Kendall apartment complex

AHS Residential scores $33M construction loan for Kendall apartment complex
AHS Residential’s Ernesto Lopes (Credit: D Ramey Logan/Wikipedia)

AHS Residential scores $34M loan for apartment project near West Palm

AHS Residential scores $34M loan for apartment project near West Palm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...