The Florida Board of Governors approved UCF’s plans for a new downtown Orlando campus on Wednesday afternoon. The board’s chairman said the new project “will create a pathway to success for our students and good return on investment for our state.”

UCF President John Hitt said in the presentation that the planning process for the new campus has been going on for the last two years and that today made it all worth it.

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“Twenty-four years ago yesterday, I became UCF’s president. In all the years since, few moments have been as important as today,” said Hitt. “Today, we can plant a seed in downtown Orlando that will benefit our students, community and state for decades to come.”

UCF has earned $16 million in community support to help fund the new academic building that will serve nearly 7,700 UCF and Valencia students, according to a press release sent out by UCF.

UCF is planning to raise $20 million total from the community to go along with $20 million from the State Legislature and $20 million in UCF resources.

The board’s vote will pave the way for the Legislature’s approval of the state’s $20 million share. Pending approvals, the campus will open in fall 2018, according to the press release.

Students will be able to enroll in classes at Valencia College and UCF on the same campus, which can save students thousands of dollars with the cost of only enrolling at a state university.

UCF Downtown will be built on a portion of the Creative Village where Orlando’s old NBA was torn down.

Programs that will be offered at the new campus will include digital media, health information technology, culinary, and hospitality, as well as workforce training and other certificates to increase access to education in the immediate downtown area, according to the press release.