T
he Institute of Contemporary Art, Miami is significantly expanding its exhibition space with the acquisition of a former art collection's home in the Miami Design District. The museum purchased the 30,765-square-foot building at 23 and 31 Northeast 41st Street for $25 million, backed by prominent local developers. City National Bank provided an $18.4 million mortgage to facilitate the purchase.

    The seller, Carlos de la Cruz, had acquired the two parcels in 2004 and 2005 for a combined $1.2 million. After his wife's passing, their prized art collection was sold at auction. ICA Miami received a $5 million grant from the Knight Foundation and additional funding through a capital campaign from benefactors, including Steve Witkoff, Tony Tamer, Craig Robins, and Jackie Soffer.

    The expanded space will feature galleries showcasing the museum's permanent collection, as well as special exhibitions and a new media gallery highlighting emerging mediums and technology. The renovation is made possible by in-kind support from Robins' company, Dacra, which owns many commercial properties in the Miami Design District.