The 215,000-square-foot Nobel Prize Center, to be built near Sweden's National Museum of Fine Arts on city land overlooking Nybroviken Bay, is expected to be completed in 2018, the Nobel Foundation said.
It is envisioned to include an enlarged Nobel Museum and let its public activities expand. It will eventually house all Nobel Foundation and Nobel Media activities, the foundation said.
The foundation will open an international architectural competition next fall, it said.
"The Nobel Prize Center at Nybroviken will be the new focal point of the Nobel Prize and will underscore the role of Stockholm and Sweden as the home city and home country of the Nobel Prize," the foundation said.
Neighboring Norway's capital, Oslo, where the Nobel Peace Prize is awarded, has a Nobel center, while Stockholm has only a museum, Nobel officials said.
The Peace Prize is awarded in Oslo, while the other prizes are awarded in Stockholm.
This year's Nobel events, in which the laureates receive their prizes, will be held Saturday.