Miami Science Museum Announces $35 Million Commitment by Patricia and Phillip Frost, Securing Naming Rights to New Building at Museum Park

Largest donor commitment puts Museum past halfway mark towards $100 million private fundraising goal

The new Miami Science Museum will be named the "Patricia and Phillip Frost Museum of Science" with groundbreaking within the year. (Photo: Business Wire)

MIAMI--()--Internationally recognized leader in business, science and philanthropy, Dr. Phillip Frost, and his wife Patricia, have committed $35 million dollars to the capital campaign for Miami Science Museum’s new building at Museum Park. Trish and Dan Bell, Co-Chairs of the Board of Trustees, announced the commitment this past Saturday at the ninth annual Galaxy Gala, the Museum’s signature fundraising event. The new Museum will be named the “Patricia and Phillip Frost Museum of Science” with groundbreaking within the year.

"Because of the Frosts' long-standing philanthropic commitment to supporting the cultural arts and Dr. Frost's extensive scientific background, we cannot imagine a more fitting couple to have their names highlight this iconic new world class science museum. Their generosity and influence have already changed the cultural face of our community, and we are immensely proud for the Museum and for the entire community that the Frosts have so generously provided this invaluable boost to our fundraising momentum," said Trish and Dan Bell, Co-Chairs of the Museum’s Board.

The Frosts’ dedication to Miami Science Museum’s new building is an instrumental step forward in a significant public/private partnership. The $35-million commitment will be added to the $25-million already raised from a broad cross-section of individuals and corporations in South Florida. Their generosity will bring the project past the halfway mark of its $100 million private fundraising goal. The remaining funds that complete the estimated $275 million overall project cost are granted by Miami-Dade County’s Building Better Communities Bond Program, overwhelmingly approved by voters in 2004, and other government sources.

Dr. and Mrs. Frost have been long-time supporters of arts and culture. “We believe that providing more opportunities for young students to be exposed to science and technology in an inspiring and educational way can help expand the scientific base of our community. This landmark project will provide unique experiences that can change people’s perspective on the potential value of science and technology for their lives. Having already received broad community support, we hope that, with our help, the Patricia and Phillip Frost Museum of Science will become known as a cultural institution truly for the people,” said Dr. and Mrs. Frost.

Designed by internationally renowned Grimshaw Architects, the Patricia and Phillip Frost Museum of Science will bring the most spectacular high-design experience to Miami’s already bustling cultural landscape. The 250,000 square-foot complex is intended to act as a demonstration of ecological and sustainability principles, harnessing energy from water, sun, wind and museum visitor energy to power exhibits and conserve resources. The Museum is structured around a lushly landscaped indoor and outdoor “living core” of terrestrial and aquatic spaces, featuring a 600,000 gallon aquarium facility, a full dome 3-D planetarium, hands-on exhibits, never-before-seen technology and two additional wings of exhibition space, classrooms and cafes.

With the support of the City of Miami, Miami-Dade County and others in the community, the new Patricia and Phillip Frost Museum of Science is on track to be a stand-out destination, inspiring visitors to learn, share and embrace science and technology.

ABOUT PATRICIA AND PHILLIP FROST

Dr. and Mrs. Frost are generous supporters of education and the arts and are renowned collectors. In 1986, they gave their 113-piece collection of American abstract art to the Smithsonian Institution. In 2004, they endowed The Patricia and Phillip Frost School of Music at the University of Miami, and in 2006, they were the lead donors for The Patricia and Phillip Frost Art Museum at Florida International University.

Patricia Frost, former educator, served as the Principal of Henry S. West Laboratory School, the educational research center for the Miami-Dade County Public School and the University of Miami, for 23 years. Mrs. Frost was a Trustee of Florida International University and chairman of the Board of Directors of Florida International University. Mrs. Frost is Chairman Emeritus of the Smithsonian American Art Museum Commission, Honorary Chairman of The National Board of the Smithsonian Institution, and a member of the Florida Board of Governors of the State University System. She received her Bachelor of Science Degree at Colby College, and a Master of Arts Degree from Columbia University.

Dr. Phillip Frost is Chairman and CEO of OPKO Health, Inc., a Miami-based healthcare company involved in the discovery, development, and commercialization of proprietary pharmaceutical and diagnostic products and vaccines. He is also Chairman of the Board of Directors of Teva Pharmaceutical Industries Ltd., the world’s largest generic pharmaceutical company, headquartered in Israel, which also develops and sells proprietary pharmaceuticals and active pharmaceutical ingredients. From 1987-2006, Dr. Frost served as Chairman of the Board of Directors and Chief Executive Officer of IVAX Corporation, a global pharmaceutical company. When IVAX merged with Teva Pharmaceutical Industries Ltd. in 2006, he became its Vice Chairman; in 2010, Chairman. Phillip Frost was Co-Vice Chairman of the Board of Governors of the American Stock Exchange from 2005-2008. He is past Chairman (1972-1990) of the Department of Dermatology at Mount Sinai Medical Center in Miami and is a current Trustee of the Medical Center. He is the former Chairman of the Board of Trustees of the University of Miami, where he still serves on the Board, and is a Trustee of The Scripps Research Institute.

ABOUT MIAMI SCIENCE MUSEUM

Miami Science Museum aims to make a difference in people’s lives by inspiring them to appreciate the impact that science and technology can have on every facet of our world. For over 60 years, Miami Science Museum’s award-winning educational programs, family-focused exhibits, historic planetarium, and rehabilitative Wildlife Center and Clinic have enriched locals and tourists alike. In 2014, the legacy continues with the Patricia and Phillip Frost Museum of Science, a new world-class, state-of-the-art facility designed by Grimshaw Architects in the heart of downtown Miami. Miami Science Museum is accredited by the American Association of Museums and is an affiliate of the Smithsonian Institution. For more information about the current Museum or our future home, the Patricia and Phillip Frost Museum of Science, visit www.miasci.org/blog or call (305) 646-4200.

Miami Science Museum is funded with the support of the Miami-Dade County Department of Cultural Affairs and the Cultural Affairs Council, the Miami-Dade County Mayor and Board of County Commissioners.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6661148&lang=en

Contacts

Miami Science Museum
Cristina Sotolongo, 305-646-4405
csotolongo@miamisci.org

Release Summary

Dr. Phillip Frost and his wife Patricia have committed $35 million dollars to the capital campaign for Miami Science Museum’s new building to be named the Patricia and Phillip Frost Museum of Science.

Contacts

Miami Science Museum
Cristina Sotolongo, 305-646-4405
csotolongo@miamisci.org