The University of Calgary has announced a new multi-million dollar initiative, in hopes of becoming one Canada’s top research facilities.

By next year, 50 new assistant professors and 60 new post-doctoral scholars will be hired.

"These are exciting times, a lot has been accomplished, we’re well on our way to achieve our goals," said Elizabeth Cannon, the University of Calgary President.

In the next two years, the Nickle Arts Museum will be refurbished to house the Institute of Teaching and Learning, that will support faculty and link research directly to the classroom.

Donations from the community will pay for the renovation, but the university is paying $12 million for the new hires.

"It's a significant expense to us but we look at it as an investment.  Not too many universities are in a place to do this right now," Cannon said.

The U of C’s goal is to be in the top five research universities by 2016.