Vancouver's new art gallery is to be designed by Swiss architects Herzog & de Meuron, with conceptual designs for the 27,871sq m (300,000sq ft) building – more than double the size of the current facility – to be unveiled in early 2015.

The Vancouver Art Gallery is expected to cost between CA$235-265m (US$214.7-242.1m, €155.5-175.4m, £127.6-143.9m) and will be located on a city-owned site in downtown Vancouver that was awarded to the museum in April 2013. It is scheduled to open by 2020.

The government of the Province of British Columbia has provided CA$50m (US$45.7m, €33.1m, £27.2m) towards funding, while a public campaign for the remainder of the funds will be launched when the new designs are revealed.

As well as increased space for the gallery’s growing collection, the new building will feature expanded indoor and outdoor exhibition spaces, as well as new educational facilities.

“Our new gallery will be a vital and dynamic resource for Vancouver, one that engages and welcomes artists and visitors from the region and from around the world,” said gallery director Kathleen Bartels.

75 companies in 16 countries responded to the original request for qualifications and Herzog & de Meuron was selected from a shortlist of five.

The gallery cited the architect’s “proven ability to create innovative museum buildings that place prominence on artists and institutional mission”, as well as the company’s vision for the gallery, “which recognises and responds to the context and needs of the museum now and in the future.”

Among the projects Herzog & de Meuron has previously worked on are the National Stadium (Bird’s Nest) in Beijing, China, Tate Modern in London, and the de Young Museum in San Francisco, California.