BLACKSBURG, Va. – The Virginia Tech Board of Visitors approved a $89.8 million project with Carilion Clinic to build a health sciences and technology research building in Roanoke.
The board approved the project during Monday's meeting.
Construction will soon begin on a nearly 140,000 square-foot building, according to Virginia Tech.
The facility will be built on land owned by the Carilion Clinic and will be developed and constructed under a public-private partnership between Virginia Tech and Carilion Clinic, according to the university.
The project will be funded with $23.7 million of debt, $17.7 million of non-state support and private gifts, and $48.3 million from state appropriations. Virginia Tech says that all debt service will be paid from self-generated revenues from the research program.
The new building will be located at the Riverside Center Research Education and Medical Park in Roanoke.
The next full Virginia Tech Board of Visitors meeting will be held Nov. 5 and 6 in Blacksburg.