News: Paris to open a new cultural centre by 2020
Paris is getting a new cultural centre. That’s what Bernard Arnault (pictured), CEO of the LVMH Group, announced at a press conference in the company of French president François Hollande and star architect Frank Gehry yesterday. Gehry has been tasked with transforming the former Musée national des Arts et Traditions Populaires (MATP), which has been falling into disrepair for the past 12 years, into La Maison LVMH/Arts, Talents, Patrimoine by 2020.
Located on the edge of the Bois de Boulogne near Arnault’s Louis Vuitton Foundation, the project is estimated to cost €160m and is set to house event spaces for exhibitions, a restaurant with views of the city, as well as ateliers and an academy of crafts, in a nod to the MATP. LVMH will pay the city an annual fee of €150,000 for its 50-year lease.