UniCredit announced on Wednesday that it will build the UniCredit Pavilion in Milan that will feature a cutting-edge design that will accommodate many businesses as well as cultural events, exhibitions and concerts.

Located next to UniCredit's headquarters, the pavilion is part of the company’s desire to enhance the Porta Nuova quarter, which currently is part of an urban renewal and development project.

The company hopes the pavilion will serve as a natural place for open dialogue, public participation and artistic experimentation, and a crossroads for economics, culture and community.

"The UniCredit Pavilion will be a center for innovation in the city," UniCredit CEO Federico Ghizzoni said. "This facility meets our commitment to build deeper relationships with the communities where we operate and contribute to their economic development in a sustainable manner. 

Construction on the facility, which will hold up to 700 people, is scheduled to be completed in late 2015.