FINANCIAL DISTRICT— A $75 million donation from billionaire Ronald Perelman is finally pushing a long-stalled Performing Arts Center at the World Trade Center complex off the ground.
Perelman, a businessman who recently had a short stint as the chairman of Carnegie Hall, announced the gift Wednesday, telling The New York Times he was especially drawn to the idea that art could play an important role in the future of a site still rebuilding from the 9/11 attacks.
“I think that this is a project that must happen,” he told The Times. "It is more than just a pure artistic center to serve a community. It is that, but at the same time it’s much more than that.”
Perelman's donation to the center, which will now bear his name, sets in motion a planned arts complex that is 12 years in the making.
The center had waded through years of budget issues and redesigns, but last year, hope was renewed when the PAC was finally given approval for its paired down budget of about $240 million — a cut from its initial $400 million estimate.
The center was given the go-ahead by the Lower Manhattan Development Corporation, an agency formed in the aftermath of 9/11 to distribute federal funds — and a promise of $100 million to build the site.
The center, however, had to come up with the rest of the more than $100 million through private donations — which made Perelman's donation crucial for work to finally start.
READ MORE: WTC Performing Arts Center Pushes Ahead With Funds for New Plans
The center will be built at Greenwich and Vesey streets, on the site of what was, up until recently, the WTC PATH train entrance.
The cultural hub had initially tapped famed architect Frank Gehry to design the space, but that more expensive plan was scrapped in 2014.
Last year, Brooklyn firm REX was named as the architect.
READ MORE: WTC Performing Arts Center Names Brooklyn Architecture Firm REX As Designer
Design plans include three flexible, state-of-the-art theaters that can also be combined to create one large 1,200 person theater. The space will present or produce a host of dance, music and theater performances. It will also eventually be the new hub for the Tribeca Film Festival.
It's slated to be complete in 2020.
