The Institute of Contemporary Art, Miami is nearly doubling its show space, paying $25 million for the former home of the de la Cruz Collection.
Backed by high-profile Miami developers, the museum acquired a 30,765-square-foot building at 23 and 31 Northeast 41st Street, records and real estate database Vizzda show. The 36,388-square-foot institute, also known as ICA Miami, is on the same block in the Miami Design District.
City National Bank of Florida provided the buyer with a $18.4 million mortgage.
The seller, two entities managed by Carlos de la Cruz, who founded Miami-based Eagle Brands food distribution company, paid a combined $1.2 million for the two parcels in 2004 and 2005, records show. Two buildings were combined into one large showroom that housed a prized art collection owned by de la Cruz and his late wife, Rosa, who died in February. The artwork was sold at auction following her death, Bloomberg reported.
In addition to the loan, ICA Miami received a $5 million grant from the Knight Foundation and an undisclosed amount raised through a capital campaign from museum benefactors for the purchase and renovation of the former de la Cruz Collection space, a press release states.
Donors include Steve Witkoff and his family, who are co-developing luxury condo projects in Miami Beach and West Palm Beach; Tony Tamer, executive chairman of Miami-based global investment firm HIG Capital; and Miami power couple and art collectors Craig Robins and Jackie Soffer.
Soffer leads Aventura-based Turnberry, which is co-developing a convention center hotel in Miami Beach, and co-owns Aventura Mall and has other properties. Robins leads Dacra, which is part of a joint venture that owns a majority of the commercial properties in the Miami Design District, including storefronts for luxury fashion brands like Louis Vuitton and Dior. Robins is also providing in-kind support for the expansion, the release states.
ICA Miami will utilize the new space for galleries dedicated to showing artwork from the museum’s permanent collection, as well as for special exhibitions and a dedicated space for a new media gallery showcasing emerging mediums and technology, according to the release.
