Contemporary Los Angeles art gallery The Broad is to open January 2014, with a ceremony held to mark the completion of its steel frame this month.

Philanthropists Eli and Edythe Broad are financing the $130m (96.50m euro, £82.60m) project, which will exhibit works by Jean Michel Basquiat, Joseph Beuys, Keith Haring, Jasper Johns, Jeff Koons, Robert Rauschenberg, Cindy Sherman and Andy Warhol in its inaugural exhibition.

At the 8 January ceremony LA mayor Antonio Villaraigosa, the Broads, and project architects and designers were on hand to see the final beam of the structure raised.

Designed by New York firm Diller Scofidio + Renfro, the gallery – on Grand Avenue – is part of the city’s downtown resurgence and sits across the street from the Walt Disney Concert Hall and the Museum of Contemporary Art.

Executive architect for the project is Gensler, the structure’s designer is Nabih Youssef & Associates, and MATT Construction is completing the build.

The 120,000sq ft (11,148sq m) museum has been nicknamed “The Veil and the Vault” for its honeycomb exterior that conceals the structure’s weight-bearing walls.

It will include 50,000sq ft (4,645sq m) of column-free public galleries, a climate controlled archive, a 200-seat lecture hall and research space.

The Broad Art Foundation was established in 1984 as a lending library for contemporary artworks and has loaned nearly 8,000 works to 485 museums and galleries around the world.