New York’s American Museum of Natural History is planning a major expansion with the addition of a US$325m (€261m, £207m), six storey building, intended to expand the institution’s role for scientific research and education.

The proposed Richard Gilder Center for Science, Education and Innovation would stand on what is currently open space within the confines of the museum’s land.

Planned to be completed in time for the museum’s 150th anniversary in 2019, the development would be the most significant for the institution since the Hayden Planetarium building was redeveloped in 2000.

The addition will feature permanent exhibitions for visitors showcasing scientific topics, as well as labs and theatres for scientific presentations and teaching.

With the museum sitting a block away from Central Park, the proposal is potentially contentious. In a statement, museum officials said that while there are currently no drawings defining the addition’s footprint, they recognise the interest in preserving city parkland, which the museum sits on.

The city of New York is backing the project, with US$15m (€12m, £9.6m) included in the city’s capital budget for the addition. The museum’s namesake Richard Gilder – a longtime donor to the museum and stockbroker – is contributing US$50m (€40.2m, £32m), while a third of the cost has also been raised from other sources.

The museum has selected Chicago-based Studio Gang as lead architects for the project, with practice founder Jeanne Gang to come up with the design. The addition will total 218,000sq ft (20,000sq m), with around 38,000sq ft (3,500sq m) incorporating existing space.