BOULDER, Colo. (CBS4) — The University of Colorado revealed plans Thursday to develop three acres of land on the northwest corner of the Boulder campus for the eventual construction of an estimated $130 million hotel and conference center.

A press release from the school described the project as a “game-changer” for both the university and the Boulder community.

The announcement followed a vote by the CU Board of Regents selecting HRV Hotel Partners of Santa Fe, New Mexico, as the developer. The vote authorized the pursuit of a ground lease agreement between the two in order to start the project.

Construction could start as soon as next summer, with completion scheduled sometime in 2022.

HRV’s $130 million price tag is a preliminary estimate.

“I couldn’t be more excited for this long-awaited project to begin coming to fruition,” said CU Boulder Chancellor Philip DiStefano. “The hotel and conference center will provide a new stage for showcasing CU Boulder’s leadership, innovation and impact.”

In its press release, CU said the conference center would be used for academic and research conferences, but also not limited to those. City-oriented events, like business conferences, could be hosted there.

The hotel and conference center (HCC) will feature 250 guest rooms, a 25,000-square-foot conference facility and underground parking garage. Its amenities will include a 15,000-square-foot divisible ballroom.

In its press release, the university claimed to work in partnership with the city of Boulder to accomplish the deal. The university agreed to increase the size of the ballroom while the city promised to apply almost half the room occupancy taxes gathered over the hotel’s first 20 years toward project feasibility.

The HCC’s location near the intersection of 13th Street and Grandview Avenue fulfills the city’s desire to prompt revitalization of the University Hill area, the university proclaimed. CU signed an agreement with the city in 2016 to abandon consideration of a hotel/conference facility near the intersection of Folsom Street and Arapahoe Avenue in favor of the Grandview site that is closer to downtown.

“For 15 years, both the university and city have looked at filling the gap in large conference space that exists in the city,” the university’s press release stated.

Preliminary designs are expected in the next few months.