By Anthony Breznican
Updated October 18, 2012 at 06:18 PM EDT

The Academy of Motion Picture Arts and Sciences is moving forward with plans for a Hollywood history museum that would open in 2016.

A movie museum has long been a goal of the group, which also presents the Academy Awards, but it’s an expensive dream that has encountered assorted funding challenges over the years. Last year, the Academy redoubled its efforts with a fundraising campaign spearheaded by some well-known figures: Walt Disney Co. CEO Bob Iger, and actors Annette Bening and Tom Hanks.

Today, the Academy announced it has reached its initial goal of $100 million toward a $250 million capital campaign to build the project.

The Academy Museum of Motion Pictures will be designed by architects Renzo Piano and Zoltan Pali, and will be located next to the Los Angeles County Museum of Art on Wilshire Boulevard in the mid-city area of Los Angeles, inside a 300,000 square-foot building that was once a department store.

The structure has gone largely unused for nearly two decades, and will get significant internal upgrades, as well as “a spherical glass addition at the back of the original building,” and a theater for showing movies, according to AMPAS. “A major movie museum in the heart of this city has been a long-held dream of the Academy,” said Academy President Hawk Koch, “Thanks to the latest technological developments we can take the visiting public through time, back into our history and forward toward our future.”

In addition to exhibition spaces and galleries, the finished museum will also have an an interactive component for visitors, and will feature memorabilia from the Academy’s archive of more than 140,000 films, 10 million photographs, 42,000 original film posters, 10,000 production drawings, and assorted costumes, props and movie-making equipment.

“The Academy museum will be a landmark that both our industry and our city can be immensely proud of,” said Academy CEO Dawn Hudson. “I appreciate the unwavering support of our board, our members, and especially our campaign chairs, all of whom have led us through this crucial stage.”

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