ORLANDO, Fla. -

Crews will tear down the 25-year-old "University Shoppes" this week and break ground on a new "campus community" near the University of Central Florida.

The area will be renamed "The Plaza at University" and be home to a student housing complex, new businesses and a 10-level parking garage.

According to the developer, the new "Plaza" will have room for 60,000 square feet of retail. The adjacent housing complex will have 1,313 beds.

[Related: Site plan for new development]

To make room for the new development, crews will tear down the University Shoppes -- a popular site for UCF students for 25 years. Many businesses at the "Shoppes," including the popular Knight Library, have relocated.

The developer -- American Campus Communities -- expects The Plaza At University to be open in time for the fall 2014 semester at UCF.