Globe Grain and Milling Company. Courtesy Los Angeles Public Library Photo Collection.

Iwan Wirth of the contemporary art gallery Hauser & Wirth, with locations in London, Zurich, New York and, soon, Somerset, has announced the company's new Los Angeles venture, Hauser Wirth & Schimmel, in partnership with former Museum of Contemporary Art (MOCA) chief curator Paul Schimmel. The chosen venue—an historic 100,000-square-foot flour mill compound in the city's active downtown arts district—will be transformed into a multidisciplinary arts center.

Beginning in January 2015, the still raw spaces will host a three-month group exhibition focusing on Los Angeles-based artists who have emerged in the past 15 years. The facility will then close for renovation and reopen the following winter.

Work on the seven late 19th and 20th-century buildings and interior courtyard that make up the historic 901 East 3rd Street complex will be overseen by the L.A. real estate and project management firm Creative Space, with support from local Los Angeles city councilman José Huizar of District 14.

UPDATE: This news article has been updated. It previously misstated Paul Schimmel's role at the Museum of Contemporary Art Los Angeles.