Former New York City Mayor Michael R. Bloomberg has donated $75 million to The Shed, the new arts center planned for Hudson Yards, the New York Times reports. This donation marks an additional $60 million to the $15 million that the business mogul privately made in 2012.

In a statement Bloomberg said, “I’ve always believed the arts have a unique ability to benefit cities by attracting creative individuals of every kind, strengthening communities, and driving economic growth. The Shed will help New York achieve all three goals.”

To date, $421 million of the $500 million capital campaign, which includes startup costs, has been raised, The Shed's Chairman and President Daniel L. Doctoroff told the Times.

The Shed, which is located on West 30th Street between Tenth and Eleventh Avenue, is scheduled to open in spring 2019 on Manhattan's West Side, where the High Line meets Hudson Yards. It will feature versatile spaces for a range of performances: music, visual art, multi-disciplinary work, events, and a free lab for early-career local artists to experiment.

The eight-level building, according to its website, "will work with original artists and thinkers from across all art forms and disciplines to produce and present their new work to the widest range of audiences from NYC and around the world. We will welcome those artists who take risks, advance their fields and address the significant issues of our time."

Alex Poots is the founding artistic director and CEO of The Shed.

For more information visit The Shed.org.

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