The university plans to build a second parking structure on Wall Street to accommodate the continued demand for parking.

The $39.5 million project was approved by the Board of Regents at its meeting Thursday. Funding will be provided from Logistics, Transportation & Parking resources.

The seven-story, 1,050-space parking structure will be built over an existing 130-space surface lot. The new structure also allows the university to prepare for the potential loss of 250 parking spaces leased by the university on Fuller Road, where the new Amtrak station is proposed to be built.

Additionally, the university plans to purchase property at 959 Wall Street, which is located between university-owned land.

The architectural firm Walker Parking Consultants will design the project. The project is expected to generate an average of 56 on-site construction jobs.

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