A new concept and development study into the development of a Guggenheim museum in Helsinki, Finland, has identified a site along the South Harbour waterfront for the project.

The findings were delivered by representatives of the Solomon R Guggenheim Foundation to Helsinki mayor Jussi Pajunen on 10 January, a year after the report was commissioned.

A city-owned site where the Kanava Terminal Building is currently located is set to host the 12,000sq m (129,167sq ft) attraction, which will boast 3,920sq m (42,195sq ft) of galleries.

The recommendations, which also places the cost of construction and design at EUR140m (£116m, US$179m), will now be reviewed by the City Board and City Council of Helsinki.

It has been estimated that the mid-range attendance for a museum will be 500,000-550,000 visitors a year, of which around 300,000 are expected to come from Finnish residents.

Meanwhile, the study also recommends that a new Guggenheim Museum absorb some of the exhibitions and education functions undertaken by the Helsinki Art Museum.

Pajunen said: "The study's calculations clearly state that investment in the proposed Guggenheim would be worthwhile economically. The long-term effects will benefit both the City of Helsinki and Finland as a whole."

Solomon R. Guggenheim Foundation deputy director Ari Wiseman added: "One of the rewards of this study will be a closer ongoing relationship between the staff of the Guggenheim and the cultural community of Helsinki."

Details: www.hel.fi