AUSTIN (KXAN) — A plan to consolidate University of Texas Systems offices into one downtown building are moving forward.
The System’s offices are currently located in five buildings. The new structure will be located on the north side of 7th Street between Lavaca and Colorado streets on property already owned by the UT System.
Construction starting this year will include demolishing the Lavaca and Colorado buildings and leasing Ashbel Smith Hall, O. Henry Hall and the Claudia Taylor Johnson building.
All work scheduled for completion by late 2016 or early 2017.
Putting employees all under one roof will save between $2 and $8 million a year over the next three decades, according to the UT System.
Construction of the new building is expected to cost $102 million and would be funded with Revenue Financing System Bonds. No tuition dollars or general revenue money will be used.
The new nine-story building with six parking levels will provide more than 258,000 square feet of office space, with about 200,000 square feet for immediate use by UT System and the remaining square footage available for lease, including retail.