Anticipating a greater demand for students and a higher enrollment, the College of Business received approval for an estimated $70 million to $80 million building at the Tempe Center, located at University Drive and Mill Avenue.
The decision to erect a new building had been in the works for the past few years, and after a survey conducted by the College of Business this summer determined the availability of funding, ASU President Michael Crow gave his stamp of approval this week.
"We did a feasibility study as to whether we could raise money to build a facility," said Anne Nguyen, assistant dean for the College of Business. "The results came in within the last month and it was very positive."
Nguyen added that the college was hoping they could raise the money within the next three years and break ground within two years.
The announcement came just six months after the City of Tempe approved phase one of a redevelopment plan put forth by ASU for the Tempe Center.
Previous plans put forth by ASU had been surrounded with controversy, as many Tempeans and council members wanted a grocery store included in the plans.
Nguyen said the college's long-term goal was also to continue building better programs to meet the needs of the students.
"We hope to continue to rise and become a top 25 school," she said.
The new facility is projected to be approximately 300,000 square feet and four floors, with one floor under ground.
Reach the reporter at tony.ku@asu.edu.
