Plans to build the world's largest Latin American Art Museum are on the move.

The new $50 million "Nader Latin American Art Museum" (NaderLAAM) will open in 2018 and will be situated in Miami, measuring roughly 125,000 square feet, NBC News reported. Majority of the museum's art collection will come from the private collection of Gary Nader, a Lebanese/Dominican veteran developer of the arts. Nader, who is also NaderLAAM's developer, has an art collection of about 2,000 pieces from 190 Latino artists.

"I started promoting Latin America art since I was very young," he said, as quoted by NBC News. "I moved to Miami and opened a gallery when I was 23. To tell the story of this collection is very important. It took 30 years to form this collection."

The plans have spiked interest and support from the media, the news outlet added. Profits of a recent premiere showing of the new Gloria and Emilio Estefan musical titled "On Your Feet" in New York City went to NaderLAAM.

Serving as the museum's architect is Fernando Romero, who also designed Carlos Slim's lavish Museo Soumaya located in Mexico City, NBC News noted. NaderLAAM's design will include a 1,600-seat performing arts theater envisioned by Emilio Estefan Jr. and a "culinary experience" restaurant which would take up 25,000 square feet of the ground floor. There will also be a $300 million two-tower residential/hotel totaling over 400 units which will aid in the museum's funding.

"It's specially built for collectors. We have many pieces we cannot hang so to create revenue for the museum we're going to have a leasing program with the owners of the apartments so they can have art," said Nader, as reported by NBC News.

According to NaderLAAMuseum.org, it will also offer innovative exhibitions, music, films, conferences, and other projects that will highlight the vast cultural importance of Latin America to art's global history. The individuals to be represented in the museum will consist of the Masters of the Modern era and the new creations of a new generation of mid career artists.

NaderLAAM differs from other museums and cultural centers because it will exclusively accommodate Latin American artists from Mexico to Argentina, without Spaniards and U.S. Latino artists in its collection, the news outlet added.

"The idea has always been to promote [Latin American art] and let the people know what's happening in Latin America," said Nader, as quoted by NBC News. "I strongly believe the story of Diego Rivera, Frida Kahlo, Botero, Mata, Lam, Tamayo, the great ones, is untold."