International art dealers Hauser & Wirth and former Museum of Contemporary Art chief curator Paul Schimmel revealed on Friday the location for their multidisciplinary arts center in downtown Los Angeles.

A former flour mill that is 100,000-square-foot and encompsasses seven buildings at 901 E. 3rd St. will open as Hauser Wirth & Schimmel in January. The compound includes a Neoclassical bank building, a five-story mill structure and a 20,000-square-foot interior courtyard. A two-month pop-up show will debut first in 2015, followed by the permanent space in 2016 that organizers describe as "a new paradigm for the 21st century art gallery."

Modern and contemporary art dealers Hauser & Wirth, with locations in London, Zurich and New York, parterned with Schimmel last year and set about finding a foothold in Los Angeles.

They are planning a for-profit, "museum-caliber" exhibition venue with art for sale and sometimes just on loan as well as project spaces, galleries, a restaurant and bar.