The Integrable Optics Test Accelerator (IOTA) is a storage ring for advanced beam physics research currently being built and commissioned at Fermilab. It will operate with protons and electrons using injectors with momenta of 70 and 150 MeV/c, respectively. The research program includes the study of nonlinear focusing integrable optical beam lattices based on special magnets and electron lenses, beam dynamics of space-charge effects and their compensation, optical stochastic cooling, and several other experiments. In this article, we present the design and main parameters of the facility, outline progress to date and provide the timeline of the construction, commissioning and research. The physical principles, design, and hardware implementation plans for the major IOTA experiments are also discussed.