After financial setback, $305M Miami science museum rises
MIAMI – A new science museum in Miami is on target to open in the spring after surviving financial setbacks that threatened to derail the project.
Workers are putting finishing touches on the Frost Science Museum along the Biscayne Bay waterfront downtown.
About a year ago, things appeared less promising. After burning through $165 million in Miami-Dade County money for construction, the museum board was struggling to collect roughly $80 million in private pledges. A plan to use those pledges to get bank loans failed.
Instead, the county came through with about $45 million from a hotel bed tax earmarked for tourism and cultural projects. The museum also trimmed about $25 million in construction costs.
Pharmaceutical billionaire couple Patricia and Phillip Frost also contributed another $4 million to cover cost overruns.
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