In 2000, Dartmouth College unveiled a new master plan for the north side of the campus. The development plan called for the creation of a green on the northern side of the libraries in the center of campus, and anticipated the use of a portion of the property owned by Phi Tau. The fraternity entered into negotiations to sell of property to the College in exchange for the funds and construction support to build a new house to replace the existing Phi Tau building. The new structure was built during the summer and fall academic terms of 2002, for a sum in excess of $1.8 million. The new structure was located between North Main Street and the 1928 house. Student members of Phi Tau continued to occupy the old house during construction of the new building. Phi Tau brothers began living in the new house in the winter term of 2003, and the house built in 1928 was demolished in January, 2003.