The University of Minnesota is moving closer to buying its first property in Rochester for it’s campus there.

On Friday, the university regents endorsed the purchase price of $1 million for a spot on South Broadway. The university’s director of real estate, Susan Carlson, says the sale is expected to close by the end of the month.

The University of Minnesota at Rochester currently leases more than 56,000 square feet. As the program grows, it’s expected to need additional real estate.

The regents approved the purchase of the site of the former China Dynasty restaurant. The current plan is to turn the space into a parking lot until there’s a need for additional construction.