WATERVILLE, Maine (NEWS CENTER) -- Even before the new fitness center at Colby College in Waterville is built, it is already giving a workout to money crunchers in the school administrative offices.

They are busy processing a donation of $10 million from Joe and Sheri Boulos.

Joe Boulos is a developer whose dealings have impacted more than 2.5 million square feet of commercial property in the Portland area over a career spanning four decades. As a member of the Colby class of 1968, Boulos has maintained his connection to the school with numerous donations, the most recent of which being the largest.

Colby College released a statement on Thursday to say the money would help build a facility that would let students pursue a healthier lifestyle and provide training to make athletes more competitive nationally. In appreciation for the donation, Colby said it will name its new building the Boulos Family Fitness Center.

The Boulos Center is slated to open in 2020.