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The University of Michigan Board of Regents on Thursday approved a new multi-faceted athletic facilities project that will cover a number of men's and women's sports.

The Athletics South Competition and Performance Project will be located along South State Street as part of the Stephen M. Ross Athletic Campus. Ross last year donated $100 million to Michigan's athletics department.

"We are grateful for the support that our Regents and university leadership have continued to provide as we execute our transformational facilities plan for Michigan athletics," Michigan athletic director Dave Brandon said in a release.

"This phase of the plan will complete several of our largest projects that will have a major impact on the future of Michigan Athletics. We are providing state-of-the-art facilities for all of our student-athletes to meet, train, compete and develop as students, athletes and community leaders. We are extremely appreciative of the donor support that has already been committed during this capital campaign and has enabled these projects to move forward."

The new project will house the men's and women's track and field, cross country, lacrosse and soccer programs, and women's rowing. It will include new indoor and outdoor track facilities with seating for 2,000 and 1,000 spectators, respectively. There also will be a 3,000-seat lacrosse stadium constructed.

The estimated cost is $168 million, with all of the funding from athletic department resources and gifts and the Ross donation. The Regents approved the architectural firm of TMP Architecture Inc. to design the facility.