The University of Limerick is to create 330 new jobs and increase its student numbers by 4,000.
It is part of an ambitious new strategic plan for the third-level institution.
This will see its total number of students per year increase to 20,000.
While staff numbers will rise by around 330 to 1,930.
UL President Dr Des Fitzgerald said: "Academic excellence driven by research must be at the heart of the university's plans".
He was speaking at the launch of 'UL@50' - an strategic plan to guide the development of the institution over the coming five years.
The launch took place on Friday on the site of the planned new UL city campus, in the former Dunnes Stores site on Sarsfield Bridge in the city centre.
The site was acquired by UL from Dunnes Stores earlier this year, and is at the heart of the university's development plans.
It will see an additional 4,000 students, rising in the following years to 8,000 - many of whom will be based in Limerick city centre building.
There will also be an emphasis on postgraduate and international students.
UL says its "overarching priority" is to increase its national and international academic reputation through excellence in research and education.
The university will shortly launch a development masterplan for the 360 acre campus in Castletroy, just outside Limerick city.
Chancellor Mary Harney said: "Ambition has always been key to UL.
"Today's campus accommodates 16,000 students across 250,000 sqm of state-of-the-art lecture theatres, classrooms and research facilities on a campus of over 360 acres.
"Yet it began in 1972 with 113 students based in one building with seven academic members of staff.
"By matching the ambition and drive of our founders, we will ensure that the university reaches its fullest potential over the coming years".
Dr Fitzgerald added: "University of Limerick has big ambitions for the transformation of the UL city campus.
"We want this building to be transformative for Limerick city and for UL.
"We will work with Limerick City and County Council to maximise what can be achieved on the site.
"We have already begun identifying all possible sources of funding including, government funding, philanthropy and our own sources to get us to a place where we can begin to plan what is possible."
UL is an independent university with more than 16,000 students and 1,400 staff.