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Castlepoint donation helps museum retire construction debt

DCN-JOC News Services
Castlepoint donation helps museum retire construction debt

TORONTO — The Museum of Contemporary Art (MOCA) Toronto recently announced it has received $5.7 million from Castlepoint Auto Building, its landlord, to retire a capital loan for the construction of the museum.

The contribution completes the museum’s $25-million Tomorrow of Contemporary Art capital campaign launched in 2017, stated an Oct. 14 release. The campaign goal was to raise funds for the required capital improvements of the museum’s home in the Automotive Building at 158 Sterling Rd. in Toronto.

The federal government also allocated $5.9 million towards the museum’s expansion.

“This outstanding and timely support from Castlepoint is highly impactful when many cultural organizations, including MOCA, are engaged in urgent discussions about programming and operational sustainability due to the COVID-19 pandemic and resulting economic effects,” said the museum’s board chair Brad Keast in a statement. “Castlepoint’s contribution towards the TOCA campaign, to retire a capital loan for the construction of MOCA, allows the museum to fully engage in its current and future program planning and operational fundraising.”

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