The University of Michigan’s College of Pharmacy will build a new teaching and research facility to address its need to modernize and increase its physical space.

The $121 million, 130,000-square-foot building was approved Thursday by the Board of Regents. It will be built on the corner of Glen Avenue and East Huron Street.

The new building will house active learning-style classrooms, laboratories and associated support spaces, faculty and administrative offices, and student-focused areas.

Funding for the project will be provided from Office of the Provost resources, investment proceeds and College of Pharmacy resources and gifts.

The architectural firm RDG Planning and Design will design the project, which is expected to provide an average of 87 on-site construction jobs.

There will be an increased demand of approximately 30 parking spaces due to the loss of 24 spaces on the new building site.

The current College of Pharmacy building, located on Church Street, was constructed in 1960 with a major addition built in 1992. No specific use for the existing building has yet been determined.

Design is scheduled to begin immediately and the university will return with a construction schedule with approval of a schematic design.

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