LAWTON -- University of Oklahoma students will soon have more opportunities to study in a foreign environment after the Board of Regents approved the lease and renovation of a former Italian convent Wednesday.

The building was the home of nuns from the 14th century until only four years ago, and after a $4.7 million renovation will house OU faculty, staff and students for study abroad experiences.

"This is part of our effort to double our number of students studying abroad," OU President David Boren said to members of the board Wednesday afternoon at Cameron University.

The building will provide a place for as many as 300 OU students each year to live and study with OU professors in Arezzo, Tuscany. It will be a safer study abroad experience in a more controlled environment in an effort to encourage more students to study abroad.

"Students, and ... parents especially are much more comfortable with that situation," Boren said.

Boren said having students live in an OU community with direct access to OU personnel will help students "sort of break this barrier and get over their fear of going to another place."

About 700 OU students study abroad each year, and Boren said he has made it his goal to double that number in the next several years.

"We are not meeting our obligation to our students if we are not making it possible for as many students as possible to study in another country," he said.

The task of renovating the building, first constructed in the 14th century and renovated and added to until the 18th century, will take several years. The site will be available for its first academic program in spring 2013.

Studying abroad at the building in Arezzo will cost about the same as it does to study in Norman, with the added expense of transportation to and from Italy, Boren said. He said the university will operate the Arezzo program at a break-even level, not trying to make the program profitable.

Funding for the project will come first from private gifts -- the fundraising drive already has raised more than $3 million -- and if any supplemental income is needed it will come from discretionary affinity card and Coca Cola Pouring Rights contract reserves.

"None from appropriated funds," Boren assured, "even if we have to subsidize it slightly."

When asked about the wisdom of renovating an Italian building with 5 percent budget cuts coming from the state this year, Boren said it makes financial sense to lock in a price on the building now.

"We think it's a very justifiable investment," he said.

He said the Italian economy is struggling just like the U.S. one, and OU has gotten a much better price for the building than it would have five years ago.