The Kansas State University Foundation on Thursday announced plans to construct an office building at the corner of Kimball and Denison avenues in the coming year.
The foundation’s board of directors voted recently to begin development of the first phase of a plan for a 14-acre tract of land at the north side of campus.
The initial phase of the project will provide the office space. The other two phases will provide commercial space for corporate offices and lab space.
“To meet our goal to sustain philanthropic contributions at a level of $150 million annually, we must increase our workforce,” foundation president and CEO Fred Cholick said, according to a K-State press release.
Cholick said the building will allow for staff expansion over the next 20 years. Costs, he said, would be lessened by providing up to 20 percent of the building as leasable space for corporate-sponsored student programs.
Cholick said that a couple of the corporations with student programs talking to K-State were Garmin, the navigation device company, and John Deere.
Construction is expected to begin in October 2014 and be completed in August 2015. The 59,000-square-foot building costs $11.5 million and will be financed through a commercial loan.
The building will be built on the site of an office building that was started in 2007, and discontinued in 2008 because of the recession. Using the same plans and building materials that were already purchased has reduced the cost of the project.