From Lindsay Pollock:

After a lengthy search for a new home, the Dia Art Foundation will construct a brand new building in Chelsea at 545 West 22nd Street, a property the foundation already owns.

Dia, a presence in Chelsea since 1986, vacated two Chelsea venues in 2004. The foundation sold 548 West 22nd Street for $38.6 million to an unknown foreign buyer who has since lent the building to the not-for-profit X Initiative.

Dia leased a second property at 545 West 22nd Street to PaceWildenstein. Dia plans to begin construction in 2012, after Pace’s lease has terminated.

The new outpost, Dia:Chelsea, will exhibit commissioned artworks, long-term installations, as well as host public programs.

Dia is revealing little about the design or architect of the new building, other than to say it will be a “utilitarian space designed for the experience of art,” in a statement.