AUSTIN, Texas — A new 17-story undergraduate business building is coming to the University of Texas at Austin.
Starting this fall, the groundbreaking process will officially begin for Miriam and James J. Mulva Hall, a new addition to the McCombs School of Business.
The center is projected to open to students, faculty and staff by 2028. This week, the university began the demolition of the Dobie Center Garage in order to make way for the $425 million project.
The total cost was approved late last year by the UT System Board of Regents, in what could soon become the university's largest ever philanthropy-funded building.
So far, approximately 35% of total funding has come from donors at roughly $150 million. The McCombs reserve provided $50 million, and the university itself allocated $225 million.
Not only that, but former ConocoPhillips CEO Jim Mulva and his wife, Miriam, are providing an additional $40 million for the McCombs School of Business.
UT has not yet completed the funding process, but this series of donations has helped move the project forward.
Upon completion, Mulva Hall will boast 373,000 square feet featuring various classrooms, common areas, an auditorium and more.
Floors one through six will include 29 classrooms for approximately 6,000 business minors. Research labs, advising centers and study spaces will also be available.
The seventh floor will be home to leaders and university deans. The additional 22 floors will be reserved for faculty offices and departments.
Mulva Hall will mark the creation of UT's "business neighborhood," serving roughly 25% of the entire university.