The long-awaited movie museum in Hollywood moves another step closer to fruition with the announcement today by the Academy of Motion Picture Arts and Sciences that it has raised its first $100 million in its goal to generate $250 million toward the new institution.
The academy also announced its vision for the museum, slated to open in 2016, by architects Renzo Piano and Zoltan Pali, which will include the complete restoration of the old May Co. building -- a 1938 Streamline Moderne structure -- located on Wilshire and Fairfax. It was purchased by the Los Angeles County Museum of Art and its 300,000 square feet of space will house the academy museum.
The two architects announced that they intend to add a "spherical glass addition" to the back of the original building, which will house a state-of-the-art theater and will replace an extension made to the structure back in 1946.
"The design for the museum will finally enable this wonderful building to be animated and contribute to the city after sitting empty for so long," Piano said in a statement. "Our design will preserve the May Company building's historic public profile while simultaneously signaling that the building is taking on a new life that celebrates both the industry and art form that this city created and gave to the world."