The Metropolitan Museum of Art is preparing to launch “the most high-profile cultural building project in New York over the next ten years,” Thomas Campbell, the museum’s director, recently told "Vanity Fair." Now, the institution is putting its money where its mouth is. The Met is planning a $250 million bond offering on January 26 to finance capital infrastructure improvements over the next decade, according to Moody’s Investors Service.
The Met’s $250 million increase in debt coincides with an ambitious plan to overhaul its Modern and contemporary galleries. Although the museum has not tapped an architect or revealed a budget for the project, Campbell hopes to finish the gut renovation in time for the Met’s 150th anniversary in 2020.
