The Arizona Board of Regents on Thursday approved plans to construct a 10-story, 245,000-square-foot research building on the campus of the University of Arizona College of Medicine – Phoenix.

The Regents, at their meeting in Flagstaff, endorsed plans for the Biosciences Partnership Building, which will be built immediately north of the Health Sciences Education Building near 7th Street and Fillmore in downtown Phoenix.

“In this building, partnerships will be forged in which our scholars and researchers will be looking for the answers of some pretty daunting questions,” Ann Weaver Hart, president of the University of Arizona, said in announcing the project. “This is critical and central to the core plans of the Never Settle commitment at the University of Arizona. It will advance the interests of health care, it will nurture the best new science and the translation of that science into specific treatments. It will provide a setting where partners can find ways to increase not only our effectiveness but also the economic development of our broader community by tapping into the biomedical sciences.”

Under the plan passed by the Arizona Board of Regents, ground would be broken on the $136 million building by the end of 2014, taking about 26 months to complete. It would translate into nearly 500 jobs in design and construction and another 360 permanent jobs at build-out.

Plans are for the university to pursue expanded partnerships with industry, multi-disciplinary collaborations with its Phoenix partners.

The building would continue the steady expansion of the downtown Phoenix academic medical center after the 2012 completion of the award-winning education building and the ongoing construction of the University of Arizona Cancer Center at Dignity Health’s St. Joseph’s. The cancer center, a 220,000-square foot outpatient and research facility, is scheduled to be completed in the summer of 2015.

“It will mean more lab space for UA and give them even more tools to lead the way on neuroscience and cancer research and put an emphasis on health care outcomes,” Phoenix Mayor Greg Stanton said. “It is incredibly important that we keep the momentum going on this campus. One of the key components for economic future is best represented by everything going on this campus.”

The funding for the building comes from the Stimulus Plan for Economic and Educational Development bonds approved by the legislature in 2008 that paid for construction of the Health Sciences Education Building and related campus improvements. The construction of this second research building was approved by the Arizona Legislature’s Joint Committee on Capital Review at the same time as the Health Sciences Education Building in 2010.

Research focus areas include neurosciences, healthcare outcomes, cancer and precision medicine.