After much speculation over his possible plans, French collector François Pinault has announced that he will open a museum in Paris in 2018.

It will be located in a former stock exchange building in the neighborhood of Les Halles, which dates to the 18th century and parts of which are designated national historical monuments. Pinault announced his plans at a press conference on Wednesday, along with Paris Mayor Anne Hidalgo.

François Pinault. Photo: Matteo De Fina.

Pinault, featured on artnet’s 2015 roundup of the world’s top collectors, is thought to be France’s second-richest man. His holdings include artists such as Olafur Eliasson, Urs Fischer, Damien Hirst, Jeff Koons, Takashi Murakami, and Rachel Whiteread.

The city will lease the property to Pinault for fifty years on the condition that he undertake restoration work, which will be overseen by Pritzker Prize-winning architect Tadao Ando, who renovated the buildings that house Pinault’s private museums in Venice—the Palazzo Grassi and the Punta della Dogana—which were launched in 2006 and 2009, respectively.

François Pinault, Paris Mayor Anne Hidalgo, and François-Henri Pinault at Wednesday’s press conference. Photo courtesy of the City of Paris.

Pinault had initially hoped to display his collection in France, on Paris’s Île Seguin, but resorted to showing it in Italy when frustrated by the historic city’s bureaucracy. Rumors began to circulate last year that he was finally planning a Paris venue. Speculation about the location centered on the the Ambassador’s Theatre (Espace Cardin), located in the Champs-Elysées gardens; the Hôtel de Coulanges, a private mansion in the Marais gallery district; and the Ordener, a former industrial building in the city’s northern outskirts.