St. Bonaventure University plans to construct a $10 million building for its business school, university officials announced Friday.
The structure would be paid for through fundraising, although a precise timetable for construction has not been set.
The building is expected to open in 2014.
While the School of Business serves about 30 percent of the university's roughly 2,000 students, it shares a home on campus with the School of Journalism and Mass Communication.
"There are an awful lot of business schools that have constructed new buildings, and in order to compete effectively today, we need a new facility," said John Watson, dean of the business school.
Watson and Sister Margaret Carney, university president, conceded times are tough for fundraising. Still, they said, universities must move forward.
"It's the visionary institutions -- those that have been around for more than 150 years and plan to be around for more than another 150 years -- that make bold moves, always," Carney said.
"There have been some donors, and we got what I feel to be a significant start," Watson added.
The 26,000-square-foot brick building would be located on the west side of the Allegany campus, between Plassmann Hall and the Reilly Center.
Designed by Cannon Design, it will incorporate a substantial amount of glass to draw in natural light. It would feature a financial services lab, a corporate boardroom simulator, high-tech classrooms and spaces for student collaboration and faculty research.
Robert Daugherty, a business school alumnus and member of the board of trustees, says he believes no other project will have a bigger impact on the university's success over the next decade.
"We have a product of unquestionable quality, but we do not have a facility that is commensurate with our educational reputation and capacity," said Daugherty, who is heading the fundraising effort for the building project. "I am thrilled to be working on this project."
Since 2004, the university has built or overhauled residence, dining, recreation and science facilities.