The Academy of Motion Picture Arts and Sciences has announced a $20 million gift from the Dalian Wanda Group, a Chinese media conglomerate, for construction of the Academy Museum of Motion Pictures.

Designed by architects Renzo Piano and Zoltan Pali, the 300,000-square-foot museum will feature galleries, theaters, screening rooms, and dedicated space for exhibitions and special events. Scheduled to open in 2017, it will be located next to the Los Angeles County Museum of Art in the historic Wilshire May Company building. In recognition of the gift — the second largest commitment to date for the project 8212 the museum's film history gallery will be named the Wanda Gallery.

"The Academy Museum of Motion Pictures is a global cultural institution and the Dalian Wanda Group's support of the project speaks to the worldwide importance and appeal of the movies," said Academy Museum campaign chair Bob Iger. "Their gift to the Academy Museum is a huge boost to our efforts to design and build the world's leading movie museum."