TAMPA (FOX 13) -

The vacant one-acre site at the corner of Channelside Drive and Meridian Avenue in downtown Tampa is a step closer to becoming the new USF Medical School.

Thursday, the Florida Board of Governors, which governs the state university system, approved a $153 million plan, funding construction of the new Morsani College of Medicine and USF Heart Institute.

It's very important to be co-located. It's the right academic move for USF to be next to TGH, said USF President Dr. Judy Genshaft. Most of the students live downtown, and go back and forth to the campus, so there will be no additional costs to students.

The new school would put medical students much closer to Tampa General Hospital, the primary teaching hospital for the medical school. The location is also blocks away from USF CAMLS, the University's 3-story, 90,000 square foot, state-of-the-art simulation lab.

For the bigger Tampa Bay region, this is a game changer, says Tampa Mayor Bob Buckhorn. To now know that we are the vast majority of the way there to moving that medical school downtown for us is probably the most significant event that has occurred in the urban core in the last 20 years."

Tampa Bay Lightning owner Jeff Vinik, who donated the parcel of land to USF, released this statement:

"We are thrilled with today's news from Tallahassee and as a 'partner' with the University of South Florida on the project, we thank the Florida Board of Governors for their unanimous vote today. We look forward to making the Morsani School of Medicine and the accompanying Heart Institute one of the major anchors in our development district. We envision and embrace the vibrancy that USF and its students, faculty and staff will bring to downtown Tampa. This marks a great step forward."

The plan now must be approved by the lawmakers and Governor Rick Scott.

Under the current proposal, the University needs $57 million for the school, and an additional $50 million for the Heart Institute. Private sources would fund $41 million of the project.

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Funding approved for USF medical school in downtown Tampa