Fermilab is developing an Advanced Accelerator R&D program centered at IOTA – the Integrable Optics Test Accelerator. This small and flexible ring will be used for proof-of-principle R&D of novel concepts towards future high intensity machines. Of particular interest are the nonlinear integrable optics and the space charge compensation. This talk reviews IOTA’s R&D program as supported by modeling and simulations, and presents the current status of the design and construction of the facility.