LOUISVILLE, Ky. (WDRB) -- The topping off ceremony for the University of Louisville's new building on its Shelby Campus was held Thursday afternoon.

The 700 North building is the second office building on the ShelbyHurst section of the campus.  School officials say developing the area will allow the U of L Foundation to bring in more money for scholarships and research.

Louisville Mayor Greg Fischer said Thursday, "This stands for what we're trying to do and the transition we're making as a city.  You've got to make the transition to a city based on innovation if you expect to be a successful 21st century city.  And we certainly are doing that."

The first building, 600 North, which includes Churchill Downs corporate offices, is already full.  700 North is expected to be finished next May.

Copyright 2013 WDRB News.  All rights reserved.