In light of new info/plans, this is an updated version of the March post.
The new dorms will be south of the recently-opened intermodal center/parking garage in the middle of campus. (For those who know the campus well, it will be across from Fraternity/Sorority Row.) A new dining facility will be added to the parking garage, and will connect the two. The 5-story, LEED-certified residence hall will house around 400 students and will feature lounges and a common kitchen on each floor. The new dining facility, the second on campus, will feature a Quiznos Express, a convenience store, and another yet-to-be-named chain restaurant (I'm guessing Burger King, Pizza Hut, or Chick-Fil-A). It will have the capacity to serve 350 students. The architects of the dorm/dining project are local architect firm SKT and Florida-based HADP Architecture. Construction is expected to begin this summer, with completion by the 2010-2011 school year. There are plans for a second residence hall, which will mirror the first one to the south. No word yet on when it will be built.
While this has been in the plans for years (and it's not a bad idea), I still don't think now is the best time to be building anything of this magnitude, considering the imminent budget/staff cuts and the obvious "lack of morale" among faculty and students on the direction the university is taking.