The University of Central Florida will add a multimillion dollar expanded campus in downtown Orlando.

President Dr. John C. Hitt made the announcement during a breakfast Tuesday morning at the Ballroom at Church Street on South Garland Avenue.

Hitt described the plans as a "game changer" for downtown, adding the campus would be shared with Valencia College.

"Today, through another bold collaboration, we explore a vision for UCF in Orlando that could energize downtown and redefine its future," Hitt said.

The new campus is expected to bring approximately 10,000 students from the two schools to the area.

The $75 million construction project would begin in what is called the Creative Village, which is the 65-acre site of the old Amway Center. Further expansion is expected to cost about $125 million.

"We are just delighted to be a part of this exciting new project in downtown Orlando," said Sanford Shugart, president of Valencia College. "Our results, working together in partnership -- UCF, Valencia and Orange County Public Schools -- have been recognized around the country. On this foundation we hope to build the future economy of Orlando and greater Central Florida."

UCF is still assessing which academic programs will benefit with a move downtown.

Hitt said he believes WUCF TV, the university's television station and local PBS affiliate "would thrive with a downtown location."

The idea of a downtown campus came during a visit by Hitt to Arizona State University's Phoenix campus last year.

"Phoenix city leaders told us that the campus had done more to ... enliven the economy and culture, than either the new Major League Baseball stadium or the NBA arena that had been located downtown," Hitt said.

Earlier this year, UCF received $2 million from the Legislature to study whether or not it would be beneficial to move classes to downtown.

UCF is the second largest university in the country.

Plans for the new campus are contingent upon necessary state funding and approvals from the university's Board of Trustees and Florida Board of Governors.

Funding for the project, which is expected to pay for classrooms, dorm space and parking facilities, will have to be approved by the Legislature.