The Heritage Lottery Fund has donated £4m ($6.3m) to allow work on a museum dedicated to the UK's black cultural heritage to begin.
The museum will receive a further £1m ($1.58m) from the Mayor of London.
Local authority Lambeth Council has given a 99-year lease to Black Cultural Archives (BCA), and will provide the scheme with £910,000 ($1.4m) in funding over the next five years.
Designed by Pringle Richards Sharratt and Trace Architecture, the museum will include exhibition and education space, a cafe, library and a reading room.
Work is set to start next year and the project will be complete in 2012 ahead of the London Olympic Games, according to bdonline.co.uk.