An HEB-licensed pharmacy will be built in UT’s Dell Medical School, as space was approved to be leased out by the Board of Regents during a meeting today.

HEB will pay a total of $2,514,102 in rent for an initial five-year term and two three-year renewal terms. The University will provide $144,450 for the cost of a mutually agreed build-out of the space, which is 2,889 square feet on the first floor of Dell’s Health Transformation Building, according to the regents’ agenda materials.

The regents also authorized the University to buy a 16-story residential building at 2400 Nueces St. for $74.8 million from EDR Austin LLC, a real estate investment trust. The property will be used for future programmed campus expansion, including student housing and UT’s International Office space. The building will hold approximately 600 beds in more than 300 units, with parking for more than 560 vehicles, according to agenda materials.

The regents also agreed to invite candidates to interview for the position of chancellor of the UT System at a future board meeting.

“The names of any finalists for this position will be made public at least 21 days before the vote to name a chancellor,” Vice Chairman Jeffery Hildebrand said during the meeting.

In May, the Regents tapped former UT President Larry Faulkner to serve as interim chancellor of the UT System. Wednesday’s meeting was the first in-person board meeting for Faulkner.

“Chancellor Faulkner, you hit the ground running, and we are delighted to have you with us,” Chairman Sara Tucker said during the meeting.

It was also the first in-person board meeting for Brittany Jewell, who is a UT Health Science Center at Houston graduate student serving as a student regent on the Board.

During the meeting, Tucker also recommended a recipient of the Santa Rita award, which awards a medallion and title.

Tucker said the award takes its name from Santa Rita, a discovery well that transformed the University. Only 25 Santa Rita recipients have been selected for the award since its creation in 1968, Tucker said.

Tucker nominated Joe R. Long and Dr. Teresa Lozano Long, Austin philanthropists who have donated millions to UT-Austin, as well as to other UT schools, to receive the Santa Rita award, and the Regents voted to give them the award.

“They love Texas and they have spent a lifetime trying to help Texas get ready for the future,” Faulkner said. “They worked through educational and health care institutions with a passionate belief that Texas has to do the right things to develop her Hispanic population, which is going to be so important to the future of our state.”