ALBEMARLE COUNTY, Va. (CBS19 NEWS) -- Governor Glenn Youngkin joined University of Virginia leaders and other state leaders to break ground on the Paul and Diane Manning Institute of Biotechnology. This $350 million institute will be 350,000 square feet.

"To do it at a place that fundamentally embraces innovation, brings together collaboration, and absolutely wants to change the world," said Governor Glenn Youngkin.

Paul Manning, an entrepreneur with 30 years of experience in the health care industry, and his wife Diane donated $100 million to UVA Health. This donation was announced in January, paving the way for a medical milestone at UVA.

The research done at the new facility will help to advance cutting-edge medicine, accelerate the development of new treatments and cures, and revolutionize health care delivery across the state and beyond.

"Cellular and genetic medicine is going to improve medicine. Five or ten years from now we are going to look at how we treat diseases, like these guys said and we are going to be shocked at how we have improved them," said Paul Manning.

Dr. Craig Kent, CEO of UVA Health, says the institute will create hundreds or even thousands of jobs by attracting biotech and pharmaceutical companies to the area.

"When the biotech companies start coming in, they will bring hundreds of employees. So, I think the overall economic impact to Charlottesville, this region, but really more over to the state of Virginia is just going to be incredible," said Kent.

It's something about which Youngkin is thrilled.

"And perhaps most exciting for me is it gives me yet another amazing arrow in my quiver to recruit businesses and people to the Commonwealth of Virginia," said Youngkin.

Officials expect to have the construction done by late 2026.