This auto parts factory is about to become Toronto's newest museum

The federal government is committing $5,100,000 to fund the renovation of the Museum of Contemporary Art which is set to move into its new Junction-area home this year.

The Museum of Contemporary Art will get more than $5M to fund renovations at its new location

The former Tower Automotive building is getting a new lease on life in the fall of 2017, as the Museum of Contemporary Art moves in. (Museum of Contemporary Art)

The federal government is committing $5,100,000 to fund the renovation of the Museum of Contemporary Art which is set to move into its new Junction-area home this year.

MOCA announced its move from Queen West to the iconic Tower Automotive building on Sterling Road in 2015 and has been closed since.

The $5 million from the Canada Cultural Spaces Fund will help pay for the renovation of the building's first five floors and half the basement.

The funds from the federal government will help renovate the first five floors and half of the basement of the Tower Automotive building. (Museum of Contemporary Art)

The minister of Canadian heritage, Mélanie Joly, said investing in the museum will help create jobs and provide opportunities for artists in the community.

The museum is set to open its doors in the fall of 2017. It first opened as the Art Gallery of North York in 1993, before changing its name to the Museum of Contemporary Canadian Art in 1999. It moved to Queen West in 2005.

The Tower Automotive building is nearly 100 years old and was once one of the city's tallest buildings. The auto parts manufacturer shut down in 2006 and the building has been vacant since.