With all but two members voting to support the plan, Florida's Board of Governors has approved the planned UCF downtown Orlando campus project.
City leaders and campus officials like President John Hitt advocated for the project in front of roughly 200 people Wednesday afternoon.
Dean Colson, one of the dissenting voters, said he was concerned about enrollment projections falling short. He cited an increased investment in online courses for his reasoning.
Governor Rick Scott could still veto any attempts by lawmakers to include the desired $20 million in state funding in Florida's budget.
The university has, so far, raised $16 million in private donations for the project.
UCF hopes to open the campus to 7,700 students in 2018.