Plans for a satellite branch of the Whitney Museum of American Art at the entrance to the High Line, the elevated railway line that’s now a public park, are on track.

Last month the museum signed a contract with the New York City Economic Development Corp. to buy a city-owned site at Washington and Gansevoort streets, in the Meatpacking District. Under the final agreement, the Whitney has up to four years to close on the land’s purchase and five years to begin construction of the Renzo Piano-designed building. Once it’s completed, the Whitney will gain a six-floor museum more than twice the size of its Madison Avenue structure, with more than 50,000 square feet of galleries and about 15,000 square feet of outdoor exhibition space.

For decades, the Whitney has wanted to expand its home building, but cost considerations forced it to focus on a downtown satellite instead. In May the museum announced a fundraising campaign of $680 million: $435 million for the new building and about $245 million for the endowment.

Read more at the New York Times.