ANN ARBOR—A $135 million construction project will provide room to grow for the University of Michigan’s Stephen M. Ross School of Business and create a unified look for the entire business school complex.

The project, approved today by the U-M Board of Regents, includes construction of a new academic building and a comprehensive renovation of the Kresge Business Administration Library. To make way for the new construction, the Computer and Executive Education Building will be demolished.

In addition, the project includes the addition of exterior building finishes to Sam Wyly Hall, the Business Administration Executive Residence and the Hill Street Parking Structure to create a unified look for the business school facilities. The new building will include 104,000 square feet of space. Renovation work will cover 75,000 square feet.

The entire project will be financed by gift funds, including a $100 million gift from New York real estate developer and U-M alumnus Stephen M. Ross.

The Ross School project will add classrooms, study space, faculty research and office space and improve nonacademic operations to improve the student experience with added space for admissions, financial aid, student life functions and on-site recruiting students.

Since 2004 enrollment at the Ross School has grown 25 percent to 3,500 students. The school has added two undergraduate programs and five new master’s degree programs as demand for business education continues to grow.

An important part of the project will be connecting the new building to existing buildings to improve efficiencies throughout the business school complex. The New York architectural firm of Kohn Pederson Fox Associates will design the project, which is expected to create an average of 155 on-site construction jobs.

As design work moves forward, Ross School leaders will reach out to faculty, staff and students to include them in the planning for the facilities and the impact on the Ross campus.