A $145 million student housing complex on the University of Texas at Austin campus is in the works. The UT Board of Regents approved the 1,000-bed undergraduate complex Thursday, the Austin American-Statesman reported.

Regents approved a motion allowing UT to enter into a lease agreement with the nonprofit 2033 Higher Education Development Foundation, which will contract with develper Balfour Beatty Campus Solutions to build the complex. The board authorized use of the UT System’s Revenue Financing System to finance the project.

The complex would be the first new undergraduate housing development at UT in 20 years, the Statesman reported. UT expects the new facility to open in fall 2027,