INDIANAPOLIS (WOWO): Indiana University trustees have approved a plan to build a 700-bed residence hall at Indiana University-Purdue University Indianapolis.

The university is home to more than 1,900 resident students and has more than 800 others on waiting lists for rooms.

A site near University Tower, a residence hall built in 2013, is under review.

The project is expected to top $45 million and funded through bonds. IUPUI still needs approval from Indiana's Commission for Higher Education and the State Budget Committee.

The project could be completed as soon as late 2016.