The Heritage Lottery Fund has awarded the Design Museum a $7.3 million grant toward its plans to move into the former Commonwealth Institute in Kensington, London—a relocation that will give the museum three times the exhibition space.

The new Design Museum, which is planned to open in 2014, would join a roster of cultural and design institutions located in Kensington, including the Victoria & Albert Museum, Royal College of Art, Serpentine Gallery, and others. The relocated Design Museum is projected to open in 2014.

"This is a vital step forward for the new Design Museum and an outstanding vote of confidence in the future of this very exciting project," museum director Deyan Sudjic said in a release.

The Heritage Lottery Fund gave the Design Museum a $471,000 grant in 2010 to help fund interior redevelopment. The Design Museum plans to raise an endowment to ensure the future of the new Design Museum.

"We are delighted to be supporting this transformational project that will see the Design Museum, London relocated to a new and improved home," Heritage Lottery Fund London chief Sue Bowers said in a release. "The move to the former Commonwealth Institute building will not only give this iconic building a new and long-term use, but will also allow the Design Museum’s extensive permanent collection to be available for free for the first time."