The program would be a Bachelor's of Science in nursing, or BSN, degree. The university would take residence on the third floor of the University Building, 92 W. Vaughn Ave., in downtown Gilbert.
Park University, which opened to students in October, occupies the first floor of the building. UA already had a presence in the building with coding boot camps it has run since May 2017.
Classes for the nursing program would begin in the fall.
The University Building has infrastructure in place to accommodate a nursing program. Jeff Ehrlich, Park Gilbert Campus executive director, said the space should be "virtually turn-key" for UA's nursing program to use.
The lease calls for UA to occupy 15,448 square feet of improved rentable space and provides an additional 2,218 square feet of unimproved shell space for administrative, nursing simulation and classroom space.
Gilbert officials have frequently acknowledged a town focus on gaining more higher education opportunities for residents to help develop an attractive work force and bring more businesses to town. The University Building was built for that purpose, officials said.
UA projects 216 students by the third year of the program, according to town documents.
The lease, which lasts for three years and seven months, will cost UA just more than $1.7 million. The university also will play a security deposit of nearly $81,000. The lease also contains three one-year extension options.
The rate on the lease is $30 per square foot on the improved area and $9.73 per square foot on the unimproved area.