The last steel beam of the three-level structure was put into place. The Broad Museum is going up in downtown Los Angeles at the corner of Grand Avenue and Second Street.
"It's a milestone. We've got a year to go, and we look forward to a great opening," said Eli Broad. "This is a great city."
The museum will open in 2014 and will feature about 50,000 square feet of gallery space, a lecture hall and a state of the art archive and study space. The museum will be in the heart of downtown's cultural center with the Museum of Contemporary Art and the Walt Disney Concert Hall as its neighbors.
The museum is the newest addition to the downtown Los Angeles Grand Avenue Project and will support over 1,000 jobs and contribute $178 million to the region's economy. The entire museum is being built with union labor, a commitment the Broads made when they started the structure two years ago.
Mayor Antonio Villaraigosa was also at the event and applauded Broad for his philanthropy and bringing jobs to the city.
"Put people back to work, make them productive, find the soul of the city by investing in the people of the city, that's what today is all about," said Villaraigosa.