A study commissioned by the developer indicated that total economic output of the companies projected to occupy Hudson Yards will contribute $18.9 billion to the city's gross domestic product. [...]

Many projections in the report are also contingent on a host of economic indicators in the city, including demand for Class A office space. Out of the 10.4 million square feet Related will have to lease up, so far it has locked in commitments from tenants for 4 million square feet. — crainsnewyork.com

The Associated Press reports a California legislative panel advanced a bill Tuesday committing the state to cover up to $250 million in cost overruns as part of Los Angeles’ bid for the 2024 Summer Olympics.

The Senate Governmental Organization Committee approved the bill in a 7-0 vote after proponents said they’re confident they can provide the Games without the serious deficits that have challenged other recent host cities. They pointed to Los Angeles’ profitable hosting of the 1984 Olympics. — gamesbids.com

Since the 1990s, the U.S. State Department has been barred from spending public funds on world expo pavilions. The result has been a series of disasters...Last year, the U.S. made a strong showing at the Milan Expo...But now comes a denouement that may cripple chances of there ever being a successful U.S. pavilion again: the architect, the exhibition designer, and the contractor have been paid only a fraction of what they are owed for work on the pavilion. — Architectural Record

Have you heard the latest wisecrack about Harvard? People are calling it a hedge fund with a university attached [...]

Though the exact figure is hard to determine, experts I consulted estimate that over $100 billion of educational endowment money nationwide is invested in hedge funds, costing them approximately $2.5 billion in fees in 2015 alone. The problems with hedge funds managing college endowments are manifold, going well beyond the exorbitant...fees they charge for their services. — the Nation

But still strong is the seduction of the Bilbao Effect — when an architecturally exciting project makes an institution more of a destination, like Frank Gehry’s Guggenheim in Spain. And with the success of the new Whitney Museum of American Art, which is drawing droves downtown, everyone seems to be grabbing for hammers — NYT

Among this new breed of towers, design elements not directly tied to profit are often downgraded or eliminated as overall costs climb. [...] With today’s mathematically generated super-spires, it’s best to paraphrase Mae West: “Architecture has nothing to do with it.”

[...] much as the new super-tall New York condos may serve that same general purpose, these are no works of art. If, as Goethe posited, architecture is frozen music, then these buildings are vertical money. — The New York Review of Books

Although money is often seen as a taboo topic in art schools, a group of Yale alumni is urging professional architects to place more value on the relationship between money and architecture.

The Yale Architectural Journal’s latest edition, titled “Money,” discusses the controversial role of money in the field of architecture. [...] ranging from Frank Gehry to Yale School of Architecture Professor Keller Easterling, the issue urges architects to reconsider the financial side of their work. — yaledailynews.com

Cultural giving among America’s top philanthropists fell slightly in 2014, according to an annual ranking of the 50 largest charitable donors released last week by the Chronicle of Philanthropy. This news might come as a surprise to US museum directors, who have been swiftly—and quietly—raising eight-, nine-, and ten-figure donations from eager patrons. Their ambitious capital campaigns make the austerity measures of the recent recession feel like a distant memory. — theartnewspaper.com

From the opening of the Fondation Louis Vuitton in Paris in October to the construction of The Broad in Los Angeles now set to open this autumn, the model of the single-donor museum is thriving. [...] what will happen to these new institutions on the death of the founder or the decline in their collecting activity. [...]

To what extent have these museum founders made plans to ensure the vitality and flexibility of their prized institutions beyond their own lifetimes? — theartnewspaper.com

The plans call for nothing less than the rebirth of the Prussian-era heart of Berlin. A new palace is currently under construction on the German capital's famous Museum Island to replace the Berlin City Palace, or Stadtschloss, the erstwhile residence of Prussian kings and German emperors that was demolished by the communists soon after the end of World War II. [...]

But completion of the exterior may be in doubt. — spiegel.de

Norges Bank, the central bank of Norway, asked eight different designers to submit their proposals for the redesigned currency, to be put into circulation in 2017, and the winning design features images by Norwegian architecture firm Snøhetta on one side and Oslo-based graphic design firm The Metric System on the other. — theatlantic.com

From buckling sidewalks to potholed thoroughfares to storm drains that can’t handle a little rain, the infrastructure that holds [Los Angeles] together is suffering from years of deferred maintenance. Bringing pipes that deliver water to 3.9 million people up to snuff could cost $4 billion [...] The bill for repaving streets will be almost that much, according to estimates from a city consultant, and patching or replacing cracked sidewalks will require $640 million. — Bloomberg BusinessWeek

A team of researchers from Institute for Advanced Architecture of Catalonia are working on another solution: A swarm of tiny robots that could cover the construction site of the future, quickly and cheaply building greener buildings of any size. [...]

"The robots can work simultaneously while performing different tasks, and having a fixed size they can create objects of virtually any scale, as far as material properties permit” — fastcoexist.com

What if you could earn a degree as quickly or slowly as you can learn, regardless of whether you plodded through 80 hours in a classroom lecture?

That could be the next wave of higher education, as schools come under more pressure to cut costs while proving the value of expensive degrees and competing with the growing number of high-quality free online courses. Call it the decoupling of instruction and testing. — Co.Exist