SWANSEA University has signed a development agreement with regeneration specialist St Modwen to build the £250 million first phase of its new Science and Innovation Campus in Fabian Way.
It said its expansion plans, which also include the regeneration of the existing Singleton Park campus, would create world-leading research, innovation and education facilities.
Preparatory work is now under way in Fabian Way following the conclusion of an EU procurement process and the appointment of St. Modwen and its selected contractor Vinci.
Around 4,000 direct jobs will be created during the construction phase, with a further 6,000 indirect jobs supported in the wider economy as a result.
Swansea University vice chancellor Professor Richard B Davies said: "The new Science and Innovation Campus is a transformational project for Wales and for the university.
"It promises to become a global exemplar for how a research intensive university can work effectively with industry, helping to drive economic regeneration and creating exciting employment opportunities for its graduates.
"The new facilities, world-leading research, and well-qualified graduates will attract multi-national companies and support the development of high-tech clusters in the region.
"In addition, more than £3 billion will be contributed to the regional economy in the next 10 years thanks to the new campus, creating thousands of jobs and further enhancing Swansea University's reputation as a major institution for science and technology research.
"The campus expansion will be particularly advantageous to students. The closer collaborative working between the university and industry will help ensure the most relevant and up-to-date degree programmes and there will be unique opportunities for students to acquire the skills and experience valued by employers."
St Modwen chief executive Bill Oliver said: "The new campus will serve as a fantastic catalyst for change in this part of South Wales and provide a huge boost to the local and national Welsh economies.
"Coupled with our ongoing regeneration of Coed Darcy, Baglan Bay and Glan Llyn at Newport, the new campus plays a major part in the transformational change that we are delivering in South Wales.
"Over the next few years, we look forward to working closely with the university on this important project, as well as engaging with the local community and key stakeholders."
The new campus site was previously owned by BP. A spokesman said: "This agreement between Swansea University and St Modwen to create a world class science and innovation campus is fantastic news for the sustainable regeneration of the Swansea Bay region.
"BP is delighted to have played a pivotal role throughout the process through its various contributions.
"We look forward to witnessing the birth of a beautiful campus in the coming months designed by some of the world's leading architects and then seeing the benefits of jobs and growth feeding back into the local community."
The Prince's Foundation for Building Community played a key part in the creation of the vision for the campus. Through a series of workshops it developed the masterplan, and then worked with Porphyrios Associates and Hopkins Architects to develop the design proposals for the campus.
Its senior design director Ben Bolgar said: "It's great to see the vision behind Swansea University campus become a reality.
"Through our workshops and with the help of our key partners we aimed to create a vision and masterplan that reflected our belief in the importance of creating a series of spaces that enhance the learning experience.
"We're excited to see Swansea University take this forward and can't wait to see the result."