The Wisconsin Historical Museum is eyeing a US$120m (€97m, £86m) expansion of its existing premises, after launching a US$50m (€41m, £36m) fundraising campaign to realise its vision.

Located in a former commercial building on Capitol Square, Madison, the extension would run alongside a retail and residential complex, with the fundraising target added to a state-funded pot of US$70m (€57m, £50m).

The museum renovation and extension will be part of a wider private redevelopment of the Capitol Square block and neighbouring properties, which would be funded by Hovde Properties and landowner Fred Mohs.

The Wisconsin Historical Museum would benefit from a doubling of its exhibition space to 100,000sq ft (9,290sq m) and the addition of meeting and educational areas, interactive experiences, learning labs, a restaurant and shop.

The rest of the site could be used to create up to 250,000sq ft (23,225sq m) of commercial and residential space. However, several of the existing buildings on the site are listed as potential landmarks, meaning there could be opposition to the plans.

The Wisconsin Historical Society, which runs the museum, has a large collection of artefacts from throughout North American history, but its museum is in desperate need of modernisation. It currently welcomes around 77,000 visitors per year, including schoolchildren from across the state of Wisconsin.

The Society forecasts a new museum could attract more than 150,000 visitors per year and could open by 2023.