Academy Museum Of Motion Pictures Unveils Its New Design (PHOTOS)

10/18/2012 04:45 pm ET | Updated Dec 18, 2012

LOS ANGELES — The film academy says it has raised $100 million toward the construction of its new museum and is revealing its design concept for the nonprofit facility.

The Academy of Motion Picture Arts and Sciences announced Thursday that the first major American museum dedicated to film will occupy the historic May Company Wilshire building in Los Angeles. The design of architects Renzo Piano and Zoltan Pali restores the street-front facades of the 1938 building and will include a new modern movie theater.

Academy officials say the 300,000-square-foot museum will open in 2016.

The organization plans to raise another $150 million to support the new museum. The initial $100 million came from private donations from film studios, corporations, entertainment-industry guilds and individuals such as Tom Hanks, Jerry Bruckheimer, Bob Iger, John Lasseter and others.

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