The 105,000 square-foot Black Family Visual Arts Center will house the studio art department, film and media studies department and the recently established digital humanities program.
"The Black Family Visual Arts Center will be a powerful force at Dartmouth for years to come," Provost Carol Folt said in the press release. "We are indebted to Leon and Debra for their vision, passion for the arts and generosity."
Black founded Apollo Global Management, a private equity firm with an estimated $100 billion in assets, and he currently serves as the chairman and chief executive officer of the company.
Black served as a trustee of the College from 2002 to 2011.
The $48-million contribution will also fund a featured piece of art for the center, to be designed by abstract artist Ellsworth Kelly, according to the press release. The work will be installed on the Hopkins Center east facade prior to the Black Family Visual Arts Center's September dedication.
The Hopkins Center and the Hood Museum of Art are currently undergoing separately funded construction projects to jointly form Dartmouth's new "arts district," the press release said.
"The work enabled by the Black Family Visual Arts Center the artistic explorations, interdisciplinary collaborations and discovery of new ideas and modes of expression will have a lasting impact on our students and our understanding of the role of the visual arts across disciplines," College President Jim Yong Kim said in the press release.
Boston-based firm Machado and Silvetti Associates designed the three-story VAC to be LEED Gold certified.
The center will feature a three-story atrium called the "Arts Forum," a new Lowe Theatre, a 50-seat screening room, a gallery and a digital humanities media laboratory, among other features.
A lawn and terrace will form the Arts Plaza that will connect the Black Family Visual Arts Center with the Hopkins Center and Hood Museum of Art.
Construction on the VAC began in spring 2010 following design concerns raised by the College's Liaison Committee, which serves as a liaison between the College and the local community. Initially, some Hanover residents believed the urban design of the building conflicted with existing New England architecture.
In addition to their $48-million gift, the Black family has previously sponsored professorships in Shakespearean studies and Jewish studies and supported the Dartmouth College Fund, Kemeny Hall, the Roth Center for Jewish Life and Morton Farm, Dartmouth's riding center, according to the press release.
Over 25 percent of Dartmouth students take courses in the visual arts, film studies and digital humanities departments each year, according to the press release.
Black graduated summa cum laude from Dartmouth College, majoring in philosophy and history. He later received an MBA from Harvard Business School in 1975 and currently sits on the board of the Museum of Modern Art, the Mount Sinai Hospital, The Metropolitan Museum of Art, Faster Cures and the Asia Society, according to the press release. Black also serves on the board of directors of Apollo Global Management, AP Alternative Assets and Sirius Satellite radio.
Leon and Debra Black co-founded the Melanoma Research Alliances, where Debra Black currently serves as the chair of the board of directors.