USF St. Pete Regional Chancellor Dr. Sophia Wisniewska says the four-story structure addresses a major problem business students and teachers face right now: they pretty much need a map to figure out who's where.
"Currently the faculty and the students are dispersed across five different buildings for faculty and four different buildings for classrooms," she said. "So needless to say, this will bring everyone together to build the kind of connections and do the kind of learning that a 21st century business graduate needs to experience."
School officials hope to begin construction next March and open the building by August 2016.
USF St. Petersburg has received $15 million in state funds so far for the project, and is seeking another $12.3 million from the Legislature - a request that's currently being reviewed by the Florida Board of Governors. The school is also seeking $2 million in private funds, along with making naming rights for the new building available for $5 million.
The $10 million donated in September by Pinellas County entrepreneur Kate Tiedemann - the largest single donation in USFSP's almost 50 year history - will go into the college's programs and not toward construction costs.
The College of Business on USF's Tampa campus took the last name of businessman Les Muma and his wife Pam last week after the couple gave $25 million to the school - USF's largest single donation ever.