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An 80,000-square-foot former auto dealership space in Wilsonville is getting some new wheels – racecars.

A nonprofit based in West Linn is planning to open a new racecar museum called World of Speed, at 27490 S.W. 95th Ave. A seismic upgrade and renovation are under way so that more than 100 classic racecars can be featured.

“It’s kind of like OMSI for automobiles,” World of Speed Executive Director Tony Thacker said, referring to the Oregon Museum of Science and Industry.

The Marie Lamfrom Charitable Foundation, a nonprofit focused on children’s issues, is funding the project. Tim Parker, a Melvin Mark Brokerage Co. vice president, represented the foundation in its $7.15 million property purchase through an affiliated limited liability corporation. He said the group searched far and wide before settling on Wilsonville.

Specifically, the foundation needed a large amount of space along a major thoroughfare like Interstate 5 or Oregon Route 217. Officials searched for a year before learning that the owners of Town and Country Chrysler Jeep Dodge of Wilsonville were looking to unload their property.

Portland-based Siteworks Design | Build is overseeing the renovation project, and Grummel Engineering is performing seismic improvements.

Jean-Pierre Veillet, Siteworks’ president, founder and creative director, and his team visited West Coast car museums, like the LeMay Museum in Tacoma, Wash., for inspiration. He said the renovation will open up the building to lots of natural light, but won’t involve major changes. The design will play up stories about each car, he added.

In addition to hands-on car exhibits, the museum will feature a working service bay where members will be able to work on their own classic cars. A lounge for members is likely to include a bar, and Veillet said the group is looking to partner with cafes and retailers. Also, a drive-in theater and event space are envisioned, as are a variety of educational programs.

The project team is hoping to open World of Speed by summer 2014.