The newly formed Institute of Contemporary Art Miami (ICA Miami) has formally announced plans for a new 37,500sq ft (3,483sq m) permanent home, ahead of the opening of its temporary home this week in Miami’s Design District.

Madrid-based Aranguren & Gallegos Arquitectos will be designing the new facility, which is its first US-based project. Included will be 20,000sq ft (1,858sq m) of exhibition space, classrooms and a 15,000sq ft (1,393sq m) sculpture garden.

Design and construction of the building is being funded by philanthropists Irma and Norman Braman, while the land will be donated by a partnership between L Real Estate and real estate mogul Craig Robins. Educational opportunities for the community will be a priority according to ICA Miami representatives and admission will be free.

The institute’s board has revealed that funds have been secured to ensure the museum’s operations for the next decade but did not disclose the amount. Costs for the development have also been kept private. Ground is set to break on the project in Q3 2015, with the opening scheduled for 2016.