The New York-based Museum of Television & Radio said Monday it will take the long-anticipated step of opening a sister museum on the West Coast — located in Beverly Hills, with a targeted opening in late 1995.The museum will be housed in a building owned by Bank of America at the corner of Beverly Drive and Santa Monica Boulevard. Renovations will be undertaken by architect Richard Meier, who designed the new Getty Museum. Establishing the new branch is expected to cost $ 8 million, with half the amount raised. Museum chairman Frank A. Bennack Jr., president/CEO of Hearst Corp., pointed out that startup costs associated with opening a TV museum are “minimal” compared with those of an art museum, for example, since the existing New York collection of 60,000 TV and radio programs can simply be duplicated. Facilities will mirror the New York museum, including a library, gallery, 150 -seat theater, radio listening room, education room and museum shop.