The Graduate School of Management Building is under construction near the proposed Hotel and Conference Center. It was delayed for years due to funding cuts and community opposition, but a $10 million dollar donation from Maurice Gallagher, a UCD alumnus, kickstarted construction. Building started in earnest after a groundbreaking ceremony on December 7th, 2007. The foundation is currently finished and they're building the actual structure. You can keep tabs on the construction through a webcam provided by the Graduate School of Management.
The long mythical Graduate School of Management building has been in the works for many many years. Many incoming classes of business students heard "They are just about to start construction on the building, it should be done in two years at the same time you are about to graduate." And every year the next incoming class heard the same thing. A big part of the reason this happened is because in 2005 there were budget problems in the University of California, and the campuses were told that they could no longer finance capital projects by going into debt. There were several projects in the pipeline at UC Davis, most of which did not rely on debt financing, such as the Mondavi Institute and the Physical Sciences Expansion. The GSM building, however, was one of these projects, so officials had to find other funding sources before they could continue with the project. Now that actual construction is taking place, passerby have proof that it is approaching completion.
There was a fire near the end of the construction process on April 4th, 2009. It was apparently deliberately set.
Here's an attempt to explain the history of the Graduate School of Management building through a fictional dialog.
<Robert Mondavi>: Hello, I am a rich wine baron*. Please take this pile of money and build a Center For The Performing Arts and Institute For Wine And Food Science in my name. <Chancellor Vanderhoef>: Sure. We will build it on the south side of campus, where there is currently nothing. <Vanderhoef Advisor>: Perhaps we should build some other things near it, to populate that side of campus. <Chancellor Vanderhoef>: Great idea. But I don't want to spend a lot of money! We should make other people build the things. <Vanderhoef Advisor>: Okay!
* is "baron" pejorative? If so, please don't sue me. — TravisGrathwell