An art museum will be built on New Holland Island in St Petersburg, Russia, at a cost of £250m ($390m).
The museum is being built by the island owner Russia businessman Roman Abramovich.
Abramovich won the bid to run the island through a new venture called New Holland Development.
The company will now invite architects to bid for the contract to transform the 72,843m² island, which will take about six years to complete.
The project will see a former 18th century Russian military base transformed into a cultural and commercial centre.
The plans will include space for galleries and a museum, including a permanent home for the Abramovich's own art collection.
The development will also feature multi-functional complex of offices, housing, retail, galleries and hotels, according to the telegraph.co.uk.