Grand Valley State University has announced plans to expand its downtown health campus to accommodate the increasing demand from students and health care providers.

The university's Board of Trustees approved a new building project on the Medical Mile on Michigan Street at a meeting on Friday.

The new building, which will be located at 333 Michigan Street, will be right next door to the Cook-DeVos Center for Health Sciences and within a block of the Raleigh J. Finkelstein Hall -- which is currently under construction.

According to a news release from the university, the $70 billion project will create new spaces for the health professions and nursing programs. Construction is set to begin June 2018 and open May 2021.

The trustees also set tuition rates for the 2018 academic year. There will be a $237 per semester increase in tuition, which will bring annual tuition to $11,994 for a full-time undergraduate Michigan resident.

The 2918 budget includes $47 million in financial aid for students. The university is expected to receive $70.1 million in state funding, some of which is awarded to Grand Valley based on its superior performance in key areas such as retention and graduation rates.

Grand Valley ranks fourth for retention and third in graduation rates of all public universities in Michigan. Nearly 85 percent of recent graduates stay and work in Michigan, the university says.

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April Stevens is a multi-platform producer at WZZM 13. Have a news tip? Email, visit our Facebook page or Twitter.