The University of Massachusetts will build a $182 million “honors complex” for Commonwealth Honors College students, according to a story posted by The Boston Globe.

According to The Globe the building will cover almost 500,000 square feet and include student housing, faculty housing and classroom space. The building is supposed to open in 2013.  The school also plans to hire 50 tenure track faculty members over the next decade years. The Globe also said that the University was paying for it using borrowed money.

The housing will have a capacity of 1,500 students and also feature a cyber cafe and a lounge. There will be  nine classrooms.

The announcement is the latest in a series of major construction projects, including an $85 million academic building, $546 million for construction throughout the UMass system, the New Laboratory Science Building and the Recreation Center.

The Globe quoted CHC dean Priscilla Clarkson as saying “This is like a new awakening for honors at UMass.”

UMass news director Ed Blaguszewski could not be reached for comment.