Gary Nader says that his proposal to build a Latin American Art Museum will create $280 million in value for MDC, compared to just $131 million that the college would benefit from Related Group’s proposal.
The calculations include a cost of construction that is $55 million higher for the LAAM, in part thanks to a much larger museum. Nader would also donate art that he says is worth $60 million.
Nader also notes that the Related proposal would allow the developer to pay $5 million for 5 years without building anything. That could help Related keep a competing condo project off the market (and a competing museum to PAMM) by simply keeping the land vacant.