Atlanta-based SunTrust Bank has donated $5 million to help build a new concert hall for the Atlanta Symphony Orchestra, the Atlanta Journal-Constitution reports.

According to ASO president Allison Vulgamore, the contribution, one of the largest corporate gifts to the arts in Atlanta history, moves the orchestra's fundraising campaign for the project "very close" to the $100 million mark. The total cost of the hall, to be designed by renowned Spanish architect Santiago Calatrava, is expected to be between $250 million and $300 million.

The announcement of SunTrust's commitment is timed to motivate others to consider making large donations, said Raymond King, the bank's senior vice president for community and governmental affairs. "Giving $5 million is not something we typically do," added King. "But we really believe this symphony hall is a milestone in Atlanta's growth and evolution. It will completely elevate our status as a world-class city, as a world-class cultural center."

The contribution is the first to be made public by the orchestra since Arthur Blank made a $15 million lead gift to its campaign in 1999. Since then, the ASO has remained silent about the progress of negotiations needed to coax millions out of would-be philanthropists in a tight economy. "We have momentum," Vulgamore said, adding that the orchestra has raised $40 million since April. "This gift brings us the potential of carrying that momentum into the new year."