At the new Museum of Contemporary Art, the exhibition space will take up an area of four thousand square meters; there will also be a conference hall, a cinema, a computerized information centre, a library and archives. Space will also be allocated for art education and workshops.

The museum is to be built in the territory of the Riga sea port in the building of a former thermo-electric plant and its vicinity.

July 17 – 18 in Riga a meeting was was held with representatives from the architectal firm "O.M.A Stedebouw B.V." ("O.M.A"), including the world famous architect Rem Koolhaas. The architects introduced the Minister of Culture Helēna Demakova, Riga Chief Architect Jānis Dripe, the director of the state agency "Jaunie Trīs brāļi" Zigurds Magone and various experts with the concept behind the Contemporary Art Museum building. 

Koolhaas in his project plans to preserve the architecture of the current building, integrating it in a new structure. "The old building will be melted into the new one as bugs are melted in pieces of amber,"- said Riga Chief Architect Jānis Dripe. Astrīda Rogule, the chief of Department of Collection in the future museum admitted that the aim of the museum to become a multifunctional culture center in the project of Koolhaas is fully realized, taking into consideration the existing architecture and safeguarding the industrial and historical heritage. The draft project of the new museum building can be found online in the homepage of state agency "Jaunie Trīs brāļi" - http://www.j3b.gov.lv/.

According to the contract, the presentation of the sketches will take place August 24. Until then, the experts from the Netherlands together with Latvian colleagues will carry out a detailed examination and analysis of the current building, the facades and structures and the equipment.

The project will be financed from a combination of sources: the Riga City Council undertook to cover one fifth of the costs involved, there are plans to attract investment within the framework of public and private partnerships and to make use of EU structural funds. The total costs for the construction and equipment of the museum are estimated at about 19 million lats. The museum is expected to open at the end of 2009.