The Stanley Hotel in Estes Park, Colorado is best known for inspiring Stephen King to write his classic horror novel The Shining, serving as the basis for the fictional Overlook Hotel. It’s also the site of the annual Stanley Film Festival, which hosts horror films and encourages guests to stay in the storied hotel for a few days of haunted fun and activities. And now the Stanley Hotel will serve as the basis for something new and exciting: a museum, film archive and film production studio.

Denver Business Journal reports that the Stanley Hotel has plans for a $24 million project to transform the iconic location into the Stanley Film Center, complete with a film archive, film production studio and the world’s first horror themed museum — if they can raise the funds.

The founding board includes Elijah Wood and his SpectreVision partners Daniel Noah and Josh Waller, along with Simon Pegg and iconic horror directors Mick Garris and George A. Romero. Wood expressed his excitement about the proposed film center, which would draw thousands of fans year-round and enrich the economy of Estes Park:

I would love to have a home for which we could constantly come year-round and celebrate with other fans from around the world. There’s really no better place for there to be a permanent home for the celebration of horror as an art form than the Stanley Hotel. It was practically built for it.

The Stanley Hotel currently hosts the Stanley Film Festival, which was launched by the Denver Film Society in 2013 and heads into its fourth year next spring. The event draws horror fans and journalists to the hotel, with many opting to stay at the hotel itself and participate in daily activities.

The new film center and museum has already obtained several interesting exhibition commitments from folks like The Walking Dead artist Charlie Adlard, FX legend Rick Baker, and master of horror Clive Barker. There are also plans for a rotating Walking Dead exhibit. More announcements are expected to come soon.