Bolivia's recently reelected President Evo Morales announced a new project in which a new presidential palace will be built to replace the current one. The project will cost millions of dollars but will shift emphasis away from Bolivia's colonial past to its indigenous roots.

President Morales announced the plan to build the new building on Monday when he showcased a model of the structure, according to TeleSur. The building, which will be called "the Great House of the People," will cost the Bolivian government around $36 million. Its design was inspired by architecture from Bolivia's pre-Hispanic civilization of Tiahuanaco.

"It's not a luxury, it is to better serve the people. The current palace seems like a mousetrap and remains as a museum of the colonial state," Morales said of the building during the contract signing ceremony.

The building will replace the Palacio Quemado or the Burnt Palace, a 16th century Spanish structure so named because in 1875 it was sacked and burnt during a revolt, according to the BBC.

The new palace will feature different rooms, including one dedicated to the cultural significance of the coca leaf. It will also have various cabinet meeting rooms, a center for indigenous ceremonies, a heliport and a 1,000-seat auditorium.

"The most terrible history was written there as well as the most noble," said government minister Joan Ramon Quintana about the current palace. He described it as a place where "former governments despoiled the Bolivian state of its wealth, its heritage and its memory."

The Bolivian newspaper La Razon adds that supervision of the project has been handed to the Bolivian company Arquitectura, Ingeniería Computarizada (AIC) and the new building will be built in a lot behind the Burnt Palace.

However, the old palace will not be demolished but repurposed as museum to Bolivia's colonial history, Morales said. The construction of the Great House of the People is expected to be finished by January 2016.