Mexico City’s burgeoning art scene will welcome a new private museum in November, when billionaire collector Carlos Slim inaugurates a new branch of his Soumaya museum. The $750-million project — that’s 50 percent more than SFMOMA plans to spend on its recently announced expansion, for those keeping track at home — has been designed by Slim’s son-in-law Fernando Romero and is already under construction in western Mexico City, according to Reuters.

The Soumaya museum, which is named for Slim’s late wife, already has one branch in Mexico’s capital, in the quaint San Angel neighborhood in south-central Mexico City. The new six-story building will feature a painting in the lobby by Mexican master Rufino Tamayo, whose name graces the city’s recently refurbished contemporary art museum.

Slim, whom Forbes ranked this year as the world’s wealthiest person, is believed to be worth in the neighborhood of $53.5 billion. He is the owner of a variety of telecommunications companies throughout Latin America, as well as a hulking art collection, including what is believed by many experts to be the largest holding of works by French sculptor Auguste Rodin outside of France. Interestingly enough, he has previously collaborated with fellow art-collecting billionaire Eli Broad on philanthropic projects relating to genomic medicine.

Slim is hardly the only museum-builder hard at work in Mexico City. Art collector Eugenio López, scion of the Jumex juice empire, has also announced plans for a new museum in the city to house his Colección Jumex contemporary art collection, which is currently on view in a private museum northwest of the capital. The National Autonomous University of Mexico also recently opened a contemporary art museum, dubbed MUAC.