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BOSTON-The Institute of Contemporary Art, Boston signed a 99-year lease with Hyatt Development Corp., a move that the museum calls an “essential step” toward the completion of a new museum in the Fan Pier waterfront development. Hyatt Development Corp., which is run by the Chicago-based Pritzker family, dedicated the land for the new ICA and has agreed to assist with the costs of infrastructure needed for the ICA site with the museum. No financial details of the transaction were released.

The ICA is currently located at 955 Boylston St. and was chosen last year to be part of the three million sf project Fan Pier project, the largest private development project on the South Boston waterfront. Fan Pier is a collaborative effort between the Hyatt Development Corp., development manager Spaulding & Slye Colliers, master planner Ken Greenberg and master planning architect Childs Bertman Tseckares.

“The lease agreement between Hyatt Development Corp. and the ICA is a major milestone for our new museum project, which has the potential to dramatically transform the landscape of Boston,” says Vin Cipolla, chairman of the ICA board of trustees.

The new museum is the first major US building project designed by the architects Elizabeth Diller and Ricardo Scofidio and the first art museum to be built in Boston in nearly 100 years. The four-story 62,000-sf museum will triple the ICA’s current exhibition space and will be located on a .75-acre parcel. The design of the museum will integrate the public harborwalk into the building and produce shifting views of the waterfront throughout the museum. The building will feature 18,000 sf of exhibition space; a 300-seat performing arts theater; a media center; educational facilities; and a bookstore and restaurant.

A $60 million capital campaign is under way to support the building and endow the facility. The groundbreaking for the new ICA is scheduled for 2004, and completion of the museum is projected for spring 2006.

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