Philanthropist and former New York City mayor Michael Bloomberg has donated US$75m (€66.8m, £58.3m) to The Shed – an under construction cultural institution in New York’s burgeoning Hudson Yards district.

Bloomberg made an initial donation of US$15m (€13.3m, £11.7m) in 2012, contributing a further US$60m (€53.5m, £46.6m) towards the project this week. His donation brings total funds raised up to US$421m (€375m, £327.4m) as part of a US$500m (€445.5m, £388.8m) capital funding campaign.

"I've always believed the arts have a unique ability to benefit cities by attracting creative individuals of every kind, strengthening communities, and driving economic growth," said Bloomberg. "The Shed will help New York achieve all three goals."

Architects Diller Scofidio + Renfro and design studio Rockwell Group unveiled plans for the expandable venue in November last year, which will host performances, concerts, visual art, music, and other events when it opens in early 2019.

The building will have a moveable shell on rails, nesting over fixed parts of the building so the structure can be expanded or contracted to accommodate different sized art events. The Shed’s plaza can be turned into a hall for 1,200 people and its theatre can accommodate 500. Two galleries will also offer 25,000sq ft (2,300sq m) of exhibition space.

When it opens, The Shed will be the first newly established 21st-century centre for the arts in New York. Founding artistic director Alex Poots has revealed a number of artists, starting with conceptual artist Lawrence Weiner, will create work for the centre’s opening exhibits.

Meanwhile, choreographer Reggie “Regg Roc” Gray and his Dream Ring dance group will launch a three year residency promoting dance activism through flexn – a form of street dance with roots in the Jamaican Bruk Up movement.

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