In November 2002, the USF Board of Trustees approved the issuing of a request for proposal for a new campus site, and in December 2002, a Land Acquisition Committee was appointed. This committee included both University and community members representing a broad constituent group. The consulting firm of Reynolds, Smith, and Hill was contracted to work with the committee to perform land evaluation and to prepare the Campus Master Plan.

Five proposals for campus sites were received in January, 2003 and were reviewed and evaluated over the next several months. In July, 2003, the Land Acquisition Committee identified the Williams Company proposal as the one to recommend to the USFL Campus Board. In August, 2003, The USFL Campus Board accepted the Williams Company proposal which included a donation of a 530+ acre site at the intersection of Interstate 4 and the eastern terminus of the Polk Parkway. Subsequently, in November 2003, the USF Board of Trustees approved the development of a new USFL Campus on the Williams' property. A signing ceremony took place on the Lakeland Joint-Use Campus site on November 22, 2004. In addition to the value of the land, the Williams Company will also contribute $600,000 to establish the Williams Endowed Professorship in Information Technology. The gift will qualify for a $420,000 match from the State Trust Fund. The endowment will be paid in 5 annual pledges, the first pledge to be paid when ground is broken for the first building on the new campus site.

The development of the Campus Master Plan was guided by projections of enrollment increases and program development over the 10 year period 2005-2015. The academic programs consider USFL's response to community and economic development needs and establish or enhance programs in a direction of applied research in a polytechnic approach.