The University projects that the Pelham Hall renovation project will save an additional $2 million this year, bringing the total cost savings for the project to $12 million, a University administrator said this week.

Executive Vice President and Treasurer Lou Katz said the working estimate of Pelham Hall – the new state-of-the-art residence hall on the Mount Vernon campus – is now projected to cost the University $48 million. When the project began in the spring of 2008, estimates of the project totaled around $60 million.

Katz said the $12 million in savings came from cheaper labor costs and cheaper building materials, which arose due to a decrease in building projects after the economic recession hit.

Because Pelham Hall will house new dining facilities, the University will use the $12 million to transform Ames Hall into academic and student support space, Katz said.

The building is on track to be completed in time for fall 2010 housing, and will house 287 students in single bedrooms connected by a bathroom and a shared living room.

The new building will also include a dining facility, black box studio theater, fitness center, and dance, recording and digital media studios.