Managers of Elvis Presley's storied Graceland home in Memphis, Tenn., have announced a $45 million expansion project, the largest and most significant expansion since the property opened to the public in 1982.

Dubbed “Elvis: Past, Present & Future,” the new, 200,000-square-foot entertainment complex is set to open in the spring of 2017. The expansion will serve as a visitor's center -- five times the size of the current visitor's center, according to a press release -- and will feature two restaurants, an exhibit of Presley's cars, the "Elvis: the Entertainer" museum, retail spaces and more. The project adds to a previously announced $92 million resort, the Guest House at Graceland, set to open on Oct. 27, bringing the total pricetag for improvements to $137 million.

“We are thrilled to bring Elvis fans the opportunity to explore the things that Elvis loved and what he would have loved today -- the music, the technology, the experiences,” says Joel Weinshanker, managing partner of Graceland Holdings, LLC. “"Elvis: Past, Present & Future" will enable our visitors to live a day in the life of Elvis Presley. Whether you’ve been to Graceland multiple times or have yet to make the trip, we know that you will be entertained, educated and inspired like never before, here at the world’s greatest music landmark.”

Both "Elvis: Past, Present & Future" and the Guest House at Graceland sit on the west side of Elvis Presley Boulevard, directly across the street from the Graceland mansion. The new complex will replace a facility that currently houses exhibits of Presley's cars as well as souvenir shops and dining options.