LOUISVILLE, Ky. — A new development is on tap and will soon occupy a prominent spot near the University of Louisville’s Belknap Campus.

Mark Watkins, chief operating officer with the University of Louisville, told Spectrum News 1, "This new space is going to be fantastic. I'm excited about the possibility of that space."

Watkins said a mixed use project is bringing an upscale hotel and other amenities.

The land is currently occupied by an aging one story strip mall known as Cardinal Center, but the future landscape will transform. Watkins said that 30 years ago, the strip mall was "state of the art," but now it's "an old building."

According to the renderings, the six story development will be constructed between South Third Street and Fourth Street along Cardinal Boulevard, adding a new Marriott hotel with around 200 rooms and a parking garage.

"What it will do is it will take out the old strip mall and replace it with a Target store which will have a grocery component to it as well as a Marriott boutique hotel which will be five or six stories high," added Watkins.

On Thursday, the University of Louisville’s board of trustees members discussed and approved the project’s general terms.

During the meeting, the Trustees Finance Committee signed a non-binding letter of intent to proceed with the development, which is funded by the builder, Provident Resource Group Inc.

"The affiliate agreement that we will have with them is clear that the university has no financial stake in this partnership. So, the investment group is really putting together a model that keeps the financial burden off the university," explained Watkins.

Advocates behind the project say the hospitality complex would entice future students while also offering hotel operation programs including internships.

"It keeps our students here enhancing that overall student experience," suggested Watkins.

The chief operating officer is projecting the project to be completed in 2023.