The plan calls for creating a new science and engineering quad on the northeast of the campus. Here is a photo I extracted from the campus master plan.
Going by the diagram, it appears that the Ferg parking lot is a goner. Campus Drive West will be shifted north so it goes through what is now the middle of the parking lot, south of Bevill and north of Shelby where it will connect with Hackberry. 7th Avenue south of Campus Drive will be turned into a greenway (it's halfway there already!).
Shelby Hall and the building attached to it are already up.
Only MIB will be torn down, it appears. A new hall is to go where MIB stands now and the other two will be behind Houser and Hardaway, respectively.