The philanthropist Eli Broad confirmed Monday that his new museum will be part of a downtown Los Angeles revitalization project, reports the Los Angeles Times.

Mr. Broad said he hoped the long-planned home for his collection of 2,000 contemporary works would jump-start the stalled Grand Avenue project and forge a “downtown cultural alliance” with nearby institutions such as the Music Center and the Museum of Contemporary Art.

The billionaire had long been expected to pick the Grand Avenue site over a competing Santa Monica location, but he delayed an official announcement until all relevant agencies had formally approved his Los Angeles plan. Beverly Hills, the original proposed museum site, dropped out of the running earlier this year.