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The decision was not related to the Covid-19 pandemic, according to the school.
The school also announced two additions to its board of trustees.
"This measure is part of a larger initiative to reimagine how we operate as a university in the face of anticipated financial and enrollment challenges ahead and, more importantly, remain regionally and nationally competitive," said John Petillo, the university's president.
Sacred Heart University graduated to the publication’s national rankings, where it placed 218th.
The three-story, 57,400-square foot facility will be “the major exclamation point on my caring, my giving and my work," the former Major League Baseball player/manager, and Sacred Heart executive director of athletics, said.
It's the latest piece in the expanding Bobby V. empire, which includes a pair of Stamford facilities and a film production company whose latest project is "The Greatest Beer Run Ever."