The University of Colorado plans to spend $1.5 million to demolish its dated College Inn building, which has served in past years as overflow dorm space for freshmen during housing crunches but is plagued with asbestos problems.

The planned demolition is included in a quarterly report that will be reviewed by the Boulder Campus Planning Commission. The project, because it's under $2 million, won't need approval from CU's Board of Regents.

The 76,779-square-foot building is off Arapahoe Avenue and 13th Street near Boulder High School. The College Inn is now vacant, and demolition of the building is scheduled for the summer of 2013.