Cultural contribution.

The Annenberg Foundation has donated $15 million toward the preservation of the historic Beverly Hills Post Office and its transformation into a new cultural center, planned for 2006.

The center will serve as a venue for live theater, performing arts, cultural events, and a special children's theater series. The project has been in the works since the Postal Service sold the building to the city in 1993. The city awarded a long-term lease to the Cultural Foundation in 1999.

"When you look around the west end of Los Angeles there is very little for theater or presentations or concerts," said Brain Goldsmith, chairman of City National Bank. "So, utilizing the historic post office and converting that into a theater and building, in addition to housing practice rooms for rehearsals, became a very exciting opportunity."

The Wallis Annenberg Cultural Center will feature a 500-seat jewel box theater and classrooms, plus dining and shopping areas. The original Italian Renaissance style architecture, which complements the old City Hall, will be preserved.