HOUSTON- The University of Texas announced that it will be ending its campus project planned for land it had purchased in Houston on Wednesday.

The university had bought 300 acres in northwest Houston in 2016 for $200 million, but now it will need to be sold.

UT Chancellor William H. McRaven said his decision to end the university's efforts on the project were based on his concerns that the project was "overshadowing" work taking place on the campuses in the UT System.

“I accept full responsibility for the lack of progress on this initiative. I am grateful to the Regents, my System staff and the university presidents for their engagement over the last year,” McRaven said in a memo to Regents’ Chairman Paul Foster.

McRaven said he didn't wish to do anything that would take away the growth of UT institutions.

Plans for the new campus were criticized by many. Some lawmakers and members of the UT board complained the new campus would duplicate services and be a waste of taxpayer money.

The chancellor apologized to members of the Houston Task Force who helped with the project.

“I also offer my deepest apology to those members of the Houston Task Force who selflessly dedicated countless hours to develop a bold vision for the future of UT’s investment in Houston," said McRaven. "I am incredibly appreciative for their support and friendship throughout this process."

He said the ideas that were created from the task force will be worth considering on other UT campuses.