Seattle City Light, which owns the local and national historic landmark, is working with a newly created nonprofit partner to revamp, manage and oversee programming at the Steam Plant. Called The Georgetown Steam Plant Community Development Authority, the organization is slated to sign a master lease (25 years with two 15-year extensions) with Seattle City Light this spring or summer, which will require approval by the City Council.

The cost of rehabbing the new arts center and museum is estimated at $10 million, which the nonprofit will cover.

The steampunk wonderland, a high-ceilinged labyrinth of gigantic turbines, transformers, metal bridges and boilers, sat mostly unused for years after being decommissioned in the 1970s. City Light started offering visitors a glimpse into the plant’s inner workings in 2014, opening its doors to the public for four hours a month. The plant has also functioned as the stage for quarterly art performances, including dance, immersive theatre and a concert by the Seattle Phonographers Union.

Having already served as an occasional museum and arts venue, Georgetown Steam Plant 2.0 will be all of this and more, year-round.