The Museum of Fine Arts, in Houston, Texas, has officially unveiled its US$450m (€381m, £297m) master expansion plan to carry it through to 2019.

The new masterplan, by Steven Holl Architects, will see a redevelopment of the 14-acre (56,600sq m) campus to include several new buildings, gardens, water features and a top floor restaurant.

The plans include a 164,000sq ft (15,200sq m) gallery to showcase the museum’s collection of 20th and 21st century art, as well as a new building to house a school of art. As part of Steven Holl’s masterplan, San Antonio-based Lake/Flato Architects has designed a conservation centre to sit on top of an underground parking structure.

Work on the development is expected to start later in 2015. The campus – named the Fayez S. Sarofim Campus in honour of the main financier’s US$70m (€59.3, £46.1m) contribution – will be turned into an “urban oasis” with a pedestrian-friendly environment.

Following a US$50m (€42.4m, £33m) donation to the development, the main building will be known as the Nancy and Rich Kinder building. The two-floor building will include – in addition to 54,000sq ft (5,000sq m) of exhibition space – a 202-seat theatre, café, meeting rooms and the aforementioned rooftop restaurant.

Of the US$450m capital and endowment fundraising goal needed for the development, US$330m (€280m, £217.3m) has already been raised. Following the masterplan unveiling, the fundraising effort now enters a public phase.