NEW YORK (CNN/Money) - The family behind rock bottom discounter Wal-Mart is bringing the world of fine art to Bentonville, Ark.

The Walton Family Foundation, a philanthropic group created by Wal-Mart founder Sam Walton, unveiled the design of an art museum and cultural center called Crystal Bridges on Monday, to be located within walking distance of the town square.

The museum is expected to open in May 2009, and will house a permanent collection of works from American artists including Asher B. Durand, Winslow Homer and Edward Hopper, the foundation said in a statement. Native American, regional art and temporary exhibitions will also be featured.

"Crystal Bridges is a wonderful way to build appreciation for America's artistic heritage and create cultural opportunities here in Northwest Arkansas," said Alice Walton, daughter of Sam Walton, at a press conference Monday.

"We hope that Crystal Bridges will spark a new phase of economic development of Bentonville and the region," she said.

According to the foundation, the estimated cost of the building and grounds is expected to exceed $50 million, and is expected to draw upwards of 250,000 visitors annually.

The museum includes plans for approximately 100,000 square feet of gallery, library, meeting and office space, and will house a 250-seat indoor auditorium, outdoor concert and public event areas, gallery rooms suitable for large receptions, as well as sculpture gardens and walking trails, said the foundation.

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