Rutgers University plans to launch a $295 million campus building project as part of a public-private partnership.

The university's Board of Governors and Board of Trustees agreed Wednesday to allow administration officials to start formal negotiations with the New Brunswick Development Corp.

The proposed project would include a 150,000-square-foot academic building; a residential honors college; an 800-bed student residence hall, with street-level retail shopping and dining, and a new campus parking deck off George Street.

The project would be paid for through residential and dining fees, general operating revenues and state tax credits secured by the development company. Officials say the project will help the university meet growing demands, and help attract and retain faculty and students.

If approved, the project would likely be completed by fall of 2016.

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