The state Board of Regents approved Georgia State University's proposal to purchase Turner Field Wednesday.

In the deal, with was announced by Mayor Kasim Reed in August, Georgia State will spend $22.8 million for 38 acres, which includes the Braves former stadium and parking lot.

The plan is for Georgia State to retrofit Turner field into a college football stadium, while adding a college baseball stadium on the site of Atlanta Fulton County Stadium, demolished 20 years ago. The two sports facilities will be surrounded by housing, retail development and university facilities.

“We are excited to begin the next phase of this transformational project for the university and the city,” said Mark P. Becker, president of Georgia State University, in a news release. “It is exciting to see our vision begin to take shape.”

Georgia State will take ownership of the property on Jan. 1 and construction will begin shortly after that, the release states.

The Atlanta Braves left Turner Field after the 2016 season. They'll begin play at the newly-constructed SunTrust Park in 2017.

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