The British Film Institute (BFI) has drawn up a shortlist of two options for the development of its new site, both on London’s South Bank. Previous plans for a site at King’s Cross are longer being considered. “We have been on the south bank since the 1951 exhibition and we would really like to stay in this area,” BFI director Amanda Nevill told the Guardian.

The new plan follows the completion of the £6m BFI Southbank, which includes a redeveloped film centre with viewing stations where the public can watch footage from the BFI’s archive. Nevill described the move as “an important step forward, a taster of what is to come.” She added: “We need to raise £180m-£200m for the new site, and we will be raising funds in a similar way to BFI Southbank, from a mixture of local London, central government authorities and private corporations.” The BFI want the building to be completed in time for the London Olympics.