TOPEKA, Kan. (WIBW) - Washburn University is prepared to launch its biggest construction project in recent history.

The school's Board of Regents approved Wednesday the funding plans for a new, $40 million home for Washburn's Law School.

The 152,600 square foot facility will be built at the corner of SW 21st and Washburn Ave. It will replace a building at SW 17th and MacVicar that was built after the 1966 tornado.

WU spokesperson Dena Anson says the building will complement a law program that is a focal point for the university.

Anson says the funding plan calls for the school to raise half the cost of the project through the Washburn University Foundation, with another $10 million coming from university reserves. The school is prepared to borrow the remaining $10 million through short-term bonds.

A timetable for construction isn't set. School officials estimate initial fundraising will take two to three years.

Anson says the university also is in the midst of planning for a welcome center, to be extended off Morgan Hall. It is slated to open in 2015.