The College of Business will have a new $21.8 million home after plans to move ahead were approved by the Board of Regents at its meeting on Thursday.

The new building should be completed by May 2003, according to Scott Sanky, Iowa State associate university architect.

“The current College of Business is really in a big space crunch,” he said. “They are all spread out. The new building will consolidate the college.”

College of Business Associate Dean Labh Hira said a new building was necessary because of the tremendous growth in the business program.

“The plan is to house the entire College of Business there. Both students and faculty will have full use of the new building,” Hira said.

Cheryl Shreve, administrative specialist, agreed that the new building is needed.

“Students and faculty could come together in one building. Students will have the opportunity to interact with any faculty member or student service they needed. Students can sit and interact with one another,” she said.

Shreve also said graduate and career services would be located in the new building, along with classrooms and faculty offices.

“Students will feel that they are more a part of the College of Business and have a place,” she said.

The college currently is housed on two floors of Carver Hall, while some faculty members are in the English Office Building.

Sanky said the site for the building has not been decided yet, and architecture selection is underway.

Sanky said the new building will be 100,000 square feet, with 60-65,000 net square feet available for use. Sanky also said construction should begin by March or April of 2001. Sanky said Carver will have new occupants, but it is yet unknown who will move into the building.