A rundown area of south west Paris is to get a £95m modern art museum, which will house the contemporary art collection of French multi-millionaire François Pinault.

After an international competition, the Japanese architect Tadao Ando has been chosen to build the new art centre on the site of a disused Renault car factory beside the River Seine. He has proposed a giant glass triangle set on three levels, described by Pinault as a 'spaceship suspended over the Seine.'

The ground floor will house a library, the second a Japanese garden and temporary exhibition space while the third floor will be 160,000sq ft dedicated to Pinault's collection of late 20th century art which consists of paintings, sculptures, photographs and video assemblies.

The building is due to be completed by 2006.