Thursday, the UT System Board of Regents approved plans to build a $334 million medical school at UT Austin.

"It's going to prepare a generation of physicians and health officials that will be second to none," said UT System Chancellor Dr. Francisco Cigarroa.

Phase 1 of the 'Dell Medical School' will include an academic building, research facility and a parking garage. Also, the Board of Regents have partnered with Seton Healthcare Family and Central Health to build a teaching hospital.

"The opportunity to really develop breakthrough discoveries that will help us solve some of the mortality of certain diseases that we still don't have answers to cure. That is within the realm of possibility for this school of medicine," said Cigarroa.

The campus will be built on land already owned by UT and would be boarded by I-35, Trinity, MLK and 15th Street. According to UT officials, the first two phases of construction on the medical school and teaching hospital do not include getting rid of the Frank Erwin Center, but that would likely be part of the long-term master plan.

"At some point in the future we want to have the capacity for growth of this medical complex," said UT President Bill Powers.

In the meant time, the focus is on starting construction. The goal is to have the first class of 50 students enrolled in the medical school in the fall of 2016.

Also on Thursday, the Board of Regents approved $62 million in improvements to DKR Memorial Stadium. The renovations would not add seats, but include improvements to Bellmont Hall, the academic facility within the stadium.

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UT Regents approve plans for medical school in Austin