The new 24,000 square foot venue will host the renowned Debbie Allen Dance Academy and feature several studios including one named for Smith and Pinkett Smith, according to Broadway World.
Pinkett Smith, 50, has kept a low profile since Smith slapped presenter Rock during the Oscars broadcast on March 27. Rock had made a bald joke about Pinkett Smith, who suffers from alopecia, which is a medical condition that causes hair loss.
Smith has been banned from all Academy events for 10 years as a result of the assault.
"The Board of Governors has decided, for a period of 10 years, from April 8, 2022, Mr Smith shall not be permitted to attend any Academy events or programs in person or virtually, including but not limited to the Academy Awards," the Academy said.
"We want to express our deep gratitude to Mr Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast."
Smith responded to the Academy's decision in a brief statement.
"I accept and respect the Academy's decision," he said.
The actor, 53, will keep the Oscar he won moments after the slap for his role in King Richard.
Last week, Smith announced he was resigning from the Academy, meaning he could not vote but was still able to be nominated and attend the awards show.
"My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable," he said at the time. "The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home."
Smith did not apologise to Rock while accepting his Oscar but did issue a statement on Instagram nearly 24 hours after the ceremony.
"Violence in all of its forms is poisonous and destructive. My behaviour at last night's Academy Awards was unacceptable and inexcusable," he wrote.
"Jokes at my expense are a part of the job, but a joke about my Jada's medical condition was too much for me to bear and I reacted emotionally.
"I would like to publicly apologise to you, Chris. I was out of line and I was wrong. I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness."
Rock decided not to press charges and has yet to publicly address the matter.