A major new building combining academic, research and retail spaces is coming to Purdue University.

The Hayes Triangle Project, across from Engineering Mall on Northwestern Avenue, will be similar to mixed use developments seen at several other Big Ten universities, including Ohio State and University of Illinois.

On Friday the Purdue Board of Trustees approved an agreement for the university to lease space from the building's developer, the Purdue Research Foundation, for the Seng-Liang Wang Hall of Electrical and Computer Engineering. The Hall is named after the father of Electrical Engineering alumnus Patrick Wang.

"This actually winds up mirroring the development on the other side of Northwestern, the Engineering Mall that is visible on Northwestern as well Neil Armstrong Hall," said Joseph Hornett, chief operating officer of the Purdue Research Foundation. "This will wind up being a wonderful complement to these facilities and keeps the (electrical and computer engineering) folks in touch with their colleagues in the school of engineering."

News of the impending project has already started buzz among local developers.

Marc Muinzer, a local real estate owner and developer, has been eager to get more details on the area.

"The Wang Hall project is very exciting," he said Friday. "This is arguably the most dynamic pocket of development activity not only at Purdue but in the Big Ten."

The foundation has begun the planning of the $38.9 million Hayes Triangle, which will be located in the area just south of the McDonald's restaurant at Northwestern and Stadium avenues.

The 147,000 square-foot, four-floor building will replace the Purdue Employees Federal Credit Union and the former Phi Kappa Tau fraternity house.

The credit union will lease space in the new building. Other potential tenants could be a bookstore and coffee shop, according to design plans shown to trustees.

Purdue would contribute $18 million for construction of Seng-Liang Wang Hall of Electrical and Computer Engineering at the south end of the building and lease the space on favorable terms for 30 years. That portion of the project will include research laboratories and offices for faculty, staff and graduate students.

"The new facility will provide a significant upgrade to existing laboratories, offices, conference rooms and support facilities," said Purdue Dean of Engineering Leah Jamieson.

Nearly $15 million in gifts will be used to construct the hall, with the remainder coming from the capital reserve for buildings.

A timeline for construction of the building was not discussed with the trustees.