To kind of answer my question a little bit..
I checked for permits for the school of journalism and it seems work on that end has been ongoing. The latest shows on 12/27/06 Permit# PRLM-0605802. It looks like SUNDT will be the contractor and the description looks like this...
DESCRIPTION OF WORK: A 244000 MULTI LEVEL LOW RISE BUILDING CONSISTING OF OFFICE RETAIL AND CLASSROOMS (UNIVERSITY ) LOCATED IN THE DOWNTOWN CORE DISTRICT. THE BUILDING IS SIX STORIES WITH RETAIL ON GROUND LEVEL OFFIEC AND CLASS ROMS 2ND THRU 6TH FLRS TV STUDIOS ON THE TOP FLOOR.
Nice to see it will have ground floor retail.