Renderings courtesy of the New York Philharmonic and Lincoln Center

A plan to redesign the New York Philharmonic’s concert hall was unveiled on Monday, nearly two decades after the project was first proposed. The $550 million plan aims to create a more intimate experience, acoustically and visually, at David Geffen Hall by moving the stage closer to the audience, improving sightlines, and reducing the seating capacity. Officials estimate the new hall will open in March of 2024.

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Rendering of MoMA renovation Via Diller Scofidio + Renfro

Just this week, it came to light that the Metropolitan Museum of Art may lay off as many as 100 employees as part of efforts to cut its $30 million deficit. As the New York Times previously explored, the struggling state of the Met exemplifies a shift in the art world towards modern and contemporary art. And standing as a true testament to this is MoMA’s current financial status.

The midtown museum has already raised $650 million towards its fundraising campaign, far exceeding the $450 million needed for its planned renovation and addition of three new gallery floors. In addition, they’ll also sell $280 million of tax-exempt bonds “to raise money for the project and refinance debt as borrowing costs drop to the lowest on record,” reports Crain’s.

More details ahead