01/09/2013 08:30 am ET Updated Mar 11, 2013

Milestone For The Broad, An Art Museum Coming To Grand Avenue

When Eli Broad holds a public event, he seldom does it without the company of local politicians, cultural leaders and throngs of media professionals to underscore the influence that the Los Angeles billionaire and philanthropist exerts on the city's arts landscape.

Broad presided over just such a ceremony Tuesday to mark a milestone in the construction of his namesake contemporary art museum, to be called the Broad, that is being built on Grand Avenue. It will feature works from the Broads' private art collection and will serve as headquarters of the Broad Art Foundation.