The $1 billion planned campus, which state officials lauded as instrumental in luring Amazon’s HQ2 to Northern Virginia, will include classrooms, business incubator space, offices for industry collaboration and space for alumni events. The development will have public open space and ground-floor retail.

A timeline in the term sheet calls for the buildings to be fully operational in 2023. The terms also extend Tech an opportunity to purchase the buildings in the future.

The university had officially ended its association with Stonebridge Associates in March. The new developer and location will allow for more room to grow in a more attractive location physically closer to Amazon’s HQ2.

The first class of graduate students will enroll in the fall of 2020 in existing buildings near the campus. Tech’s Board of Visitors approved a resolution last week moving forward a new computer science degree designed for students at the campus.

The university will have about 750 graduate students at the campus in the next decade and undergraduates participating in various programs at the Innovation campus will rotate in and out from Blacksburg.