Opening October 3rd, the former Stony Island Trust & Savings Bank will be reopened as a new center for African American arts in Chicago - titled the Stony Island Arts Bank. The new project, which was purchased by Chicago artist Theaster Gates in 2012 allegedly for just $1, will house several installations, artist residencies, and archives from pivotal African American figures from the city.

Included with the new collection will be the statuesque record library of late, great house icon Frankie Knuckles, who passed away at the age of 59 in March, 2014. The news comes just days after the icon's mural was wiped clean from the city's Logan Square, lasting 415 days with no interference according to The Chicago Reader.

Alongside Knuckles' impressive collection will be select works from the Johnson Publishing Archive, which includes works from magazines like "Jet and Ebony, and Edward J. and Ana J. Williams' collection of "negrobilia", Gates' term for the racist objects the couple collected in order to take them off the market," according to Art News.

"This is a new kind of cultural amenity, a new kind of institution -- a hybrid gallery, media archive and library, and community center," Gates said in a statement. "It is an institution of and for the South Side -- a repository for African-American culture and history, a laboratory for the next generation of black artists and culture-interested people; a platform to showcase future leaders--be they painters, educators, scholars, or curators."

The building, built in 1923, is located between the city's Greater Grand Crossing and South Shore neighborhood. Check out more info on the new building and listen to a stoic collection of Knuckles' celebrated work from BBC Radio 1, aired last April, below.