WASHINGTON (CNN) — The Smithsonian Institution will officially begin construction Wednesday on a new museum dedicated to African-American culture and heritage — a complex committed to the celebration and study one of the central components of the American story.

The nation’s first black commander in chief, President Barack Obama, was to deliver remarks at the 10 a.m. groundbreaking ceremony for the National Museum of African American History and Culture.

First lady Michelle Obama and former first lady Laura Bush were also scheduled to attend.

Construction of the Smithsonian’s 19th museum — to be located on the National Mall — is expected to last three years. The museum is slated to open in 2015.

“Our purpose is to collect and preserve artifacts, documents, and art that reflect the history and development of the African American experience in its many aspects,” the Smithsonian says on its website. “Subjects will include the era of slavery, the period of Reconstruction, the Harlem Renaissance, and the civil rights movement.”

The museum “will be a place where all Americans can learn about the richness and diversity of the African American experience, what it means to their lives and how it helped us shape this nation. A place that transcends the boundaries of race and culture that divide us and becomes a lens into a story that unites us all.”

The five-acre site, selected six years ago by the Smithsonian, is between the Washington Monument and National Museum of American History. The museum will be the first environmentally sensitive “green” building on the Mall. It is expected to cost $500 million, half of which will be covered by federal funds.

The groundbreaking ceremony was to be emceed by actress Phylicia Rashad, best known for her role as Clair Huxtable in the hit sitcom “The Cosby Show.” Opera singers Denyce Graves and Thomas Hampson also were to perform.

— CNN’s Alan Silverleib contributed to this report.