The completion date for the LMNA has not been released however, Price is in hopes that the project will break ground this year. It will be built adjacent to Lucas's alma mater, the University of Southern California.
The Lucas collection includes about 10,000 paintings, illustrations and other items, with works from Norman Rockwell, N.C. Wyeth, Thomas Hart Benton and many others, along with mementos from many films, including "Star Wars".
Lucas, creator of the "Star Wars" film franchise, producer of the "Indiana Jones" franchise and founder of visual effects company Industrial Light & Magic, chose Los Angeles as the home of the $1 billion museum in January, after facing legal challenges in Chicago and also considering San Francisco.
Both Los Angeles and San Francisco were bidding for the museum which, according to Lucasfilm's website, will tell stories through imagery across "every culture and time in human history". "That's where I learned movies".
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Lucas added: "We've come here to join the other museums in Los Angeles, to be a partner in making Los Angeles a museum city". That's where I learned my craft.
"Our collection features the original, artist-made creations, from sketches to storyboards to sets and costumes from movies", said Lucas. "Basically where I started my career was in school here". The couple abandoned their dream of building the museum in Chicago last fall and considering alternative sites on the West Coast, ultimately landing on LA.
As Variety report, the five-story museum will include 300,000 square ft of floor space, and include a restaurant, theatres, lecture halls, classrooms and an exhibition space. Michael Canva from the Washington Post praised the museum, claiming it would "help show the world why narrative art is a universal language".
He said "The whole point of this museum is to stimulate the imagination ... to open eyes to the possibilities of creating art". The museum will not just display video clips from Star Wars, then. "But I really see them as distinct missions". Lucas obliged, but when one autograph hound asked for one signature too many, Lucas clearly grew annoyed.