Madame Tussaud’s, the famed London wax museum, which is home to likenesses of hundreds of Hollywood’s most famous stars, is preparing for its own Tinseltown debut.

Spokeswoman Sandra Yamane didn’t want to provide details Wednesday, preferring instead to wax eloquent in a formal press rollout later in the week. She did say, however, that plans call for a $55-million, 40,000-square-foot museum to be located on the corner of Hollywood Boulevard and Orange Drive, the site of what is currently a parking lot directly west of the Mann Grauman’s Chinese Theater.

The U.K.-based Tussaud’s Group, which already has U.S. outlets in New York and Las Vegas, filed an application with the Los Angeles City Planning Department about a week ago. The company is now an official member of the Hollywood Chamber of Commerce, as well.

“They’ve been working for at least two or three years to find a location in Hollywood, so they’ve kept this quiet for awhile,” said Leron Gubler, executive director of the Hollywood Chamber of Commerce. “If they’re coming to Los Angeles, this is right where they should be in Hollywood.”

Tussaud’s arrival will, of course, make Hollywood the only city with two wax museums. The Hollywood Wax Museum has been at 6767 Hollywood Boulevard since 1965. The chamber’s Gubler thinks there’s room in town for two.

“I think they can co-exist,” he said. “Similar to car dealerships or other museums, they both draw similar crowds, and there are a lot of tourists in Hollywood.”