PORTLAND, Ore. (KOIN) — Bank of America has given the Portland Art Museum “one of the most significant capital investments in the arts in the history of Oregon.”

On Thursday, PAM revealed it received $500,000 from the national company. The award will go toward the campus’ ongoing transformation and help the museum launch the “Business Champions Circle.” The new initiative hopes to encourage businesses to invest in the central city’s civic and economic revitalization by supporting the arts.

The recent donation “comes at a crucial time” for the downtown area, according to Bank of America Oregon and Southwest Washington President Roger Hinshaw.

“PAM is Portland’s preeminent visual arts organization, and this support for their transformation is a further demonstration of our ongoing commitment to responsible growth that we hope will serve as a larger catalyst — attracting others from the business community to support the Corporate Champions Circle — as we work together to bring back a vibrant and inclusive downtown,” Hinshaw added in a statement.

Museum leaders hope the campus transformation will entice new visitors in the region and worldwide, thus creating jobs and boosting profits for local businesses, hotels and restaurants.

PAM referred to an Americans for the Arts study that found Portland’s nonprofit arts and culture sector generated $405.1 million in 2022. The study also revealed that arts organizations spent $237.8 million, supporting nearly $4,500 jobs and garnering more than $59 million in revenue for local, state, and federal governments.

The museum renovation is expected to cost $111 million in total. It is projected to be complete in late 2025.

The transformation will include an additional 100,000 square feet of public and gallery space that is either new or upgraded. It also entails the construction of the 24,000-square-foot Mark Rothko Pavilion that will connect two historic portions of the campus: the Main building and Mark building.

The expansion will “invite visitors to make meaningful connections with art, find inspiration, and spark their creativity,” PAM Director Brian Ferriso stated.

“We are deeply grateful to Bank of America for their leadership and generous support, which underscores their commitment to strengthening cultural institutions and their role in revitalizing communities,” Ferriso added. “The new PAM will become a vibrant destination for residents and tourists alike, helping to reinvigorate downtown Portland and contribute to the broader economic recovery of our city.”