Plans have been unveiled for the proposed new Broad Art Foundation Museum in Los Angeles.

The three-storey structure, scheduled to open in winter 2012/2013 with construction beginning later this year, will be home to two important collections of postwar and contemporary art assembled by philanthropists Eli and Edythe Broad. It will also house The Broad Art Foundation's lending library, where works from the 2,000-piece Broad Collections are made available to museums across the world.

Designed by architects Diller Scofidio + Renfro, the building - which will be across the street from the Frank Gehry-designed Walt Disney Concert Hall and the Museum of Contemporary Art by Arata Isozaki - is to feature a porous honeycomb 'veil' that wraps around it and is visible through a top floor sky-lit gallery. Providing almost an acre of column-free gallery space, a lecture hall for up to 200 people, a ground floor multimedia gallery and a public lobby with display space and a museum shop, the 120,000sq ft (11,148sq m) project will also include state-of-the-art archive, study and art storage space.

In addition to paying for the building, the Broads are funding the museum with a US$200m (£124.8m) endowment. Image: Diller Scofidio + Renfro