New Orleans businessman James Coleman Jr. has acquired the New London Union Station in Connecticut, theday.com reported Friday.

The National Coast Guard Museum Association, which Coleman chairs, is raising funds to construct a museum in downtown New London. Union Station is adjacent to the site.

The publication said the $3 million sale was necessary for the proposed National Coast Guard Museum to move forward. It said the state has committed $20 million to the project for the design, engineering and construction of a pedestrian bridge at the museum.

Coleman said work couldn’t start on the museum without settling ownership of the historic Henry Hobson Richardson-designed Union Station and that he will restore the building housing it.