Art Museum In Miami To Expand After $25M Acquisition
The Institute of Contemporary Art (ICA) in Miami has acquired a nearby art gallery building in the Miami Design District for $24.55 million to support its expansion efforts.
The 30,765-square-foot building, previously known as the De La Cruz Collection, was sold by Key Biscayne-based 41st Street Art Space LLC, managed by Carlos M. de la Cruz Sr. The ICA financed the purchase with an $18.4 million mortgage from City National Bank of Florida, as confirmed by property data firm Vizzda. This transaction breaks down to $798 per square foot.
Constructed in 2009 on a 0.36-acre site, the De La Cruz Collection building closed following the death of Rosa De La Cruz at age 81 in February, after which many artworks were auctioned.
In a related transaction, 41st Street Art Space also sold an adjacent vacant lot of 0.12 acres to 28 NE 41 MDD LLC, affiliated with Dacra, the master developer of the Miami Design District and its upscale retail. Dacra is led by Craig Robins, a significant supporter of the ICA.
According to a recent Miami Herald report, the ICA intends to expand into the De La Cruz building, as it is one of the most active art museums in Miami and requires additional space for its growth.
Source: SFBJ