Groundbreaking ceremonies for three new buildings were held on May 12, the day Yonsei celebrated its 122nd year. School of Business Building The groundbreaking ceremony for the new School of Business Building was held on the grounds to the east of the College of Business and Economics, where the new building will be constructed. University President Jung Chang-Young and many important figures in the business world were present at the ceremony to congratulate the new beginning of the Yonsei Business School. The new Business School Building was designed by world-renowned architect Alvaro Siza, whose achievements include the Porto School of Architecture and the Aveiro University Library. An important factor in the design of the new building is harmony with the surrounding natural environment and the University campus. The building will be five stories high with four underground floors, and the total floor area is expected to be 246,000 ft2. Construction is expected to last for two years and six months until completion in 2009. Health & Welfare Building The ceremony for new Health & Welfare Building was held in front of the Student Union Building. The new building will be built on 90,000 ft2 of land and will be seven stories high with three underground floors, and the construction process will include the remodeling of the original Student Union Building. A total of 17.5 billion won will go toward the construction of this new building, a significant portion of which includes donations from the Yonsei Co-Op. University President Jung Chang-Young emphasized the importance of the donations, saying, “All the buildings on our campus are special, but this new building is especially meaningful in that so many Yonseians contributed to its construction. In addition to this generous donation, the Yonsei Co-Op has given much to the Yonsei Community, including the Co-Op Welfare Scholarship. I am sure the people of Yonsei will be thankful for the new building.” New Gymnasium The ceremony for the new Gymnasium was held on the baseball field. With a floor area of 555,000 ft2, the new Gymnasium will completely replace the old physical education facilities and increase welfare facilities for the Yonsei population, by offering a swimming pool, various indoor arenas, exercise rooms, auditoriums, labs, offices, and classrooms. A parking lot with a capacity of 500 slots will also be built and will thus contribute to keeping our main roads relatively free of motor vehicle traffic.