Miami zoning officials have approved plans for a new private museum to be built by hedge fund manager Bruce Berkowitz.

An imposing building on Biscayne Boulvard will house Berkowitz's collection of blue-chip art, including works by Basquiat and Richard Prince. One centerpiece will be a 220-foot undulating steel sculpture by Richard Serra.

Another key work on display will be James Turrell's Aten Reign, a conical light sculpture which drew a record number of visitors when it was exhibited at New York's Guggenheim Museumin 2013.

The Serra and Turrell works will dictate the architecture of the museum, designed by Miami-based Arquitectonica