The Guggenheim Foundation unveiled plans to open its tenth museum worldwide, and fourth European museum, in Helsinki, Finland. The museum is to be located on the site of a former ship terminal in Helsinki Harbor, with the intention of opening in 2018.

The proposal is still in the approval process, as the New York headquarters and the city of Helsinki still must decide to proceed.

The goal of the $179 million project is to increase tourism to the Nordic city and strengthen its reputation as a design and technology hub. The Guggenheim Helsinki collection would be geared towards a focus on architecture and design.

A museum statement reads, "The new institution would help contextualize Finnish art, design, and architecture within the broader tradition of modern art while presenting Finnish audiences with artworks from around the world."

Foreseen as a non-collecting institution, the museum would instead host traveling collections of contemporary art, serve as a town green for social events, and offer free public access in some areas. Anticipated attendance is around half a million visitors per year.

If the project moves forward, an international competition will be held to select an architect.

(Report: Alisa Alexander for ARTFIXdaily)