The Board of Trustees approved the construction of a new building for The Daily during its last meeting of 2007, on Dec. 12.

The Lorry Lokey Stanford Daily Building was approved unanimously by the Board and tagged with a construction budget of $3.75 million. Once completed, the new facility - which will be adjacent to Old Union - will replace the Storke Publications Building as the central office of The Daily.

Approval of the new Daily building comes 10 months after the site and design concept for the building were approved in February. The two-story structure will encompass approximately 5,400 square feet alongside Panama Mall and Old Union. It will include workspaces, offices and several exterior features, along with an elevator that will provide access to the second floor. In keeping with the aesthetics of the surrounding structures, the proposed façade of the building will include a traditional red clay tile roof, stucco walls and wood windows.

Julie Yen ‘07, chief operating officer of The Daily, cited reasons for the newspaper's move to the center of campus.

“The current space has several design issues,” she said. “It has endured a lot of wear and tear and is not a very functional space.”

Having approved the construction phase of the project, the Board expects the building to be completed by October 2008.

“I don’t foresee any major roadblocks,” Yen said in reference to the construction process, which is slated to start in mid-January.

The new building will be named in honor of Business Wire founder Lorry Lokey ‘49, a former Daily editor who has contributed considerably to the newspaper through the funding of journalism grants and scholarships.

At the meeting, members of the Board also took a tour of Old Union and viewed a presentation by Director of Unions Jeanette Smith-Laws. In addition, the audited financial statement for this year was presented to the Board and approved by the Committee on Audit and Compliance.

Administration Services Administrator Marty Higgins summed up the University's financial situation.

“It’s been another very good year at Stanford.”