Texas Tech University has broken ground on their new Research and Technology Park.

The Monday, September 15, groundbreaking began the first phase of a project intended to increase innovation and entrepreneurship within the college, according to the university.

“A 21st century university must be more entrepreneurial,” Texas Tech President M. Duane Nellis said. “We have to have opportunities for faculty and students to work with other scholars and industry in ways that accelerate new businesses and support startup companies. I think the first phase of our research park contributes to that significantly.”

The new $29 million, 41,000 square-foot building will be located west of the Health Sciences Center at the corner of Fourth Street and Quaker Avenue. It will include a common space for research programs that promote entrepreneurialism and innovation and space for public-private partnerships. According to the university, those outside of the university system will be allowed to lease space in the facility to conduct research.

The building is expected to be completed during the summer of 2015.