Eli Broad’s namesake contemporary art museum, scheduled to open in 2014, celebrated a major milestone on Tuesday with a ‘topping out’ ceremony marking the competition of the steel work for the 3-storey structure. On hand for the occasion were Broad himself and Los Angeles Mayor Villaraigosa. In a symbolic gesture, the two signed the final steel beam for the project which was hoisted to the top of the building and laid in place.

At the ceremony, Broad said he expects the museum to open to the public in late spring or early summer 2014. Designed by New York architect Diller Scofidio + Renfro the building - which is estimated to cost $130m - will be the last structure of the Grand Avenue project, a transformative urban design initiative that has been years in the making that is intended to rejuvenate the area and cement it as a vibrant arts district.

Also underway and related to the Broad is a new $120m apartment tower that will flank the museum. Designed by Arquitectonica, the 19-storey tower will be linked directly to the museum and the two projects will share a plaza.