"This is a way for the university to lead. It can create a regional destination for entrepreneurial activities. It can continue fueling economic development. It can expand our research, it can increase options for student internships," MSU spokesperson Emily Guerrant said. "There's a lot of possibilities tied into this proposal. I think that's why board and university are considering it."

The MSU Board of Trustees is still in the planning stages of the project. Right now it is still hypothetical, and it will likely be a long process.

"There's been some presentations to (the Board of Trustees) from various parts of campus about conceptually what this could look like, what what we could accomplish," Guerrant said.

The project is long range and could take 30 years, Guerrant said.

"It would be a way to bring new resources to MSU, advance and accelerate our institutional goals by combining the knowledge base of our academic area with the expertise and nimbleness of private industry," Guerrant said. "Because it really is a public-private partnership, so it would not just be the university on its own."

The city of East Lansing is also interested in the development of this project given that it could create more opportunities.

“The City looks forward to seeing the emerging plans for the renewal of the Spartan Village properties," East Lansing Planning, Building and Development Director Tom Fehrenbach said. "We will continue to work with MSU to create additional quality job opportunities for our community and new graduates, which is certainly one key to resiliency for our local economy.”