PARIS (AP) — The French billionaire and art collector Francois Pinault has announced the creation of a new contemporary art museum in central Paris.

Pinault described the project as "a dream come true" in a news conference Wednesday with Paris Mayor Anne Hidalgo.

The museum will open by the end of 2018 in the former Bourse du Commerce close to the Louvre museum and the newly-renovated Les Halles shopping complex. The elegant circular building from the 18th century, crowned by a dome, will be restored by renowned Japanese architect Tadao Ando.

Pinault, who made his fortune in the luxury goods industry, opened a museum in Venice's Palazzo Grassi a decade ago. He owns one of the world's largest private collections of contemporary art.