Baylor University regents have given the official green light to break ground on a $99 million facility for the Hankamer School of Business.

The board voted Friday to proceed with construction on the 275,000-square-foot building, the university announced Friday. The building will be named the Paul L. Foster Campus for Business and Innovation after the longtime Baylor benefactor who provided the lead gift for the facility.

The building will be constructed on Bagby Avenue between South Third and Fourth streets. The university expects it to be completed in July 2015.

The regents in February kicked off a fundraising campaign for the center, which will including more classroom, office and study spaces to accommodate the school’s growing enrollment as well as a 350-seat auditorium for lectures and events.

Baylor spokeswoman Lori Fogleman said fundraising is ongoing for the project.

The regents also approved an $18.1 million Phase 2 construction project on a new track-and-field complex that is being built alongside the new football stadium on the bank of the Brazos River.

The project will cover adding a 10,300-square-foot team building that will include a training room, meeting rooms, hydrotherapy pools, offices and additional storage space.

Regents approved Phase 1 in May, a $13.6 million project that includes a nine-lane track, a new team training building with men’s and women’s locker rooms, stadium seating for up to 5,000 spectators, and a 13,500-square-foot indoor practice facility.

The new track project will replace the current Hart-Patterson Track Complex near Floyd Casey Stadium.

In other action, the regents also approved creation of a new Ph.D. in higher education studies and leadership, and a research-focused mechanical engineering Ph.D. program.