With broken windows and faded paint, the General Tire building doesn't look like much.

However, the building is in store for a big transformation.

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Click here to learn more about what is in store for the old General Tire building in Waco.

Walls will come down and new parking lots, signage and landscaping will go up to make the building, which was built in 1940, the new multi-million dollar Baylor Research and Innovation Collaborative.

Sarah Roberts is the Senior Vice President for economic development with the Greater Waco Chamber. She is hoping the research center will help give Waco an extra boost.

"There's a lot of opportunity to really bring that area back to being a true vital part of the economy here," Roberts said.

Creating, attracting or encouraging 22,000 new jobs is the best case scenario for BRIC's impact as a whole.

	The old General Tire building is in store for a big transformation.

"Our economic analysis of it shows the catalyst effect could be up to 22,000 new jobs in the area through multipliers over the next 15 years," Roberts said.

However, the new research park won't just stimulate the local economy.

"The goal is to promote market science and engineering technologies and then collaborate with Texas State Technical College," Baylor University's, Elizabeth Davis, said.

TSTC President Elton Stuckly Jr. said working with Baylor isn't anything new.

"We've partnered with them on some research projects, smaller projects but never anything to this scale," Stuckly said.

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	Research park News 8’s Bonnie Gonzalez has more on the upcoming plans for the new Baylor Research Innovative Collaborative.

Local and state agencies are involved as well helping to secure funding. Baylor put up half of the $20 million already accounted for.

"It probably is long overdue but this was the right time to get it done. We have the right people in place. We have great relationships across campus with the other universities in the community," Davis said.

Davis said people could start moving into the building in about two years.

The building was donated to the project by Waco businessman Clifton Robinson, his family and H. Bland Cromwell.

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With the creation of the Central Texas Technology and Research Park and BRIC, Baylor and its partners join approximately 170 other research parks in North America. A recent study commissioned by the Association of University Research Parks, and completed by the Batelle Memorial Institute, found that university research parks in the U.S. and Canada encompass more than 47,000 acres; include 124 million square feet; and employ more than 300,000 workers. Of greatest significance is that every single job in a research park generates an average of 2.57 jobs outside the park. Baylor University