The Florida A&M University announced that its board of trustees approved a pre-development agreement with Construct Two Group for a multi-million dollar project.

The university is planning to build new facilities that will offer state-of-the-art housing and new parking options and eventually mixed-use and retail spaces, and a new athletics facility.

The first phase of the project includes a planned 700-bed residence hall at Osceola St. and South Martin Luther King Blvd.. The facility is expected to come online in 2020 and will provide 500 renovated spaces for student housing and 200 new ones.

The university said that architecture, facilities and construction engineering students from its School of Architecture and Engineering Technology will also get a chance to work on the project.

The university is exploring different options to finance the project.