Extremely wealthy people Patricia and Phillip Frost have stepped in to save their financially embattled namesake institution, the Patricia and Phillip Frost Museum of Science, which is under construction in Downtown Miami. Having run out of construction funds, and run short of its funding goals, the museum was desperately looking around for cash and in talks with Miami-Dade County government to temporarily bail them out, although almost all of the $160 million pledged by the county had already been spent.
That bailout, however, has apparently been replaced by the intervention of the Frosts themselves, who have agreed to give the museum a bridge loan, according to The Real Deal. They have also requested the replacement of the museum’s entire board, which is the group ultimately responsible for the whole funding situation. The new board will initially consist of Patricia Frost herself, Cesar Alvaraz of Greenberg Traurig, and Richard Pfenniger, previously CEO of healthcare company Continucare. The amount of the Frost’s loan was not published, but it’s definitely a pretty big wad of dough.
