The University of Arizona is poised to deepen its roots in the state capital with a towering new medical research building in downtown Phoenix.

The 10-story Biosciences Partnership Building, a collaboration with the city of Phoenix, which owns the land beneath the proposed new structure, was approved Thursday by the Arizona Board of Regents, which oversees the state’s public universities.

The $136 million project will be financed largely through bonds funded by Arizona Lottery proceeds.

UA President Ann Weaver Hart was out of town when the regents gave their blessing at their meeting in Flagstaff, but she said recently that the new building will be a place where scientists seek answers to “the most daunting questions in health care.”

Research will focus on areas such as cancer, neurosciences and precision medicine, which involves tailoring treatments to individual patients based on their genetic and molecular makeup.

The 245,000-square-foot structure will go up at Seventh and Fillmore streets just south of where the UA also is building a new cancer center.

The university plans to break ground by the end of the year on the project, which could take more than two years to complete.

It’s expected to create about 500 design and construction jobs initially, and about 360 permanent jobs when it’s finished.