Texas A&M University's Board of Regents has voted to increase the project budget by 76% on the first of three buildings it plans to construct in downtown Fort Worth.
The Fort Worth Star-Telegram reports that the revised spending plan sets the cost of building a law and education center at $150 million, up from an original $85 million.
"The reason for the increase in budget is because we have had so much more interest in being in Fort Worth than we anticipated," Deputy Chancellor Billy Hamilton said. "I think it has a lot to do with the welcome and the excitement of the people of Fort Worth, not to mention the growing robust economy and some of the excellent companies that are either headquartered there or operating there."
Hamilton also cited inflation over the past year a contributing factor in the increased costs.
The campus will expand Texas A&M's existing law school and later add an education extension building and a research and innovation center.
Construction on the law and education building will begin this summer with an estimated 2025 completion. It will likely be about 225,000 gross square feet and nine stories.
Business leaders envision the facilities as a major economic driver, attracting high-tech industries, creating higher-paying jobs and adding thousands of new residents to downtown.
Texas A&M has previously said the second and third buildings would cost $85 million each. A construction timeline for the other two buildings has not been released.
The university says funding for those buildings will come from city-issued bonds secured by lease payments from the Texas A&M System and private-sector companies that want to co-locate with university and researchers.
