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A building on the Phoenix Biomedical Campus is shown. (Twitter photo/@NAU)

PHOENIX -- Downtown Phoenix will be the site of the new Biosciences Partnership Building. The University of Arizona College of Medicine and the city of Phoenix announced plans Thursday to construct a 10-story, 245,000-square-foot research building, pending approval from the Arizona Board of Regents in June.

"This is an investment by the taxpayers," said Ann Weaver Hart, president of the University of Arizona. "It is also part of the vision in our state to grow our economy and create the kind of jobs that will keep our graduates in Arizona."

If the plans are approved, the groundbreaking would take place by the end of the year and the facility would take an estimated three years to complete. The project represents 500 jobs in design and construction and another 360 permanent jobs at buildout, Mayor Greg Stanton said.

"The new biosciences building continues the progress we've made with the Phoenix Biomedical Campus, and it's just another way the University of Arizona is helping to creating a better quality of life and economy in our community," said Stanton.

Research focus areas include neurosciences, health care outcomes, cancer and precision medicine, Hart said.

"Researchers will be looking for answers to most daunting questions in health care," the UA president said. "All of this important work will have a major effect on our state, bigger breakthroughs and better health outcomes for all Arizonans."

Sandra Haros , Reporter

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