Guggenheim Helsinki Supporters Revise Plan
A rendering of the planned new Guggenheim museum in Helsinki, Finland. Credit Reuters
In an attempt to keep a Guggenheim Helsinki alive, supporters of the project on Thursday morning presented an updated proposal for the construction of the museum.
The revised plan, submitted by the Guggenheim Helsinki Supporting Foundation and the City of Helsinki, replaces the nation’s share of the financing with private money from investments and a loan. Last month, the Finnish government vetoed funding for the project.
Of its $144 million building costs, the City of Helsinki’s investment would cover a maximum of $89 million. The remaining $55 million would be paid by private investments and a loan, the costs of which would be covered by the Guggenheim Helsinki Supporting Foundation.
The licensing fee payable to the Guggenheim Foundation has been reduced by $10 million to $20 million and would be entirely financed by private donations, which have been secured.
A real estate company established by Helsinki and the Guggenheim Helsinki Supporting Foundation would be responsible for the museum’s construction and would lease the building to a Finnish nonprofit foundation, which would be responsible for operating the museum. The City of Helsinki would be liable for the property’s management and maintenance costs.
This revised proposal is subject to approval by the Helsinki City Council and the City Board according to a schedule to be determined by the City of Helsinki.
Last year, the museum selected a timber-and-glass design for the Helsinki branch by Moreau Kusunoki Architectes that features a lighthouse-like tower overlooking South Harbor.
Concerns about the museum’s cost have dogged the project since the Solomon R. Guggenheim Foundation first proposed it in 2011.