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New Richmond Hall
Plans to replace old Richmond Hall were first drafted in the late 1990s, and a new building was to be constructed near Hamilton Field. Budget problems put an end to the original plan, and by 2003 a new plan was under development for a new combined Richmond and Clark Hall on Chestnut Street near Regents and White Colleges. The proposed structure would have housed more than 500 students and cost more than $20 million to build. The plan was met with criticism from students who believed that combining two residential colleges would decrease each college's individual identity and uniqueness. Plans called for the new combined residential college to be completed as early as fall 2005. Once again, budget problems killed the plan, and the university dropped the combined college proposal and moved forward with construction of a new Clark Hall near Winslow Dining Hall in 2006.

A new Richmond Hall is planned for future construction at an estimated cost of about $13 million following the completion of the new Clark Hall, which will replace the current home of the Clark Residential College. The new Clark Hall opened its doors to students in Fall 2007, and plans are now moving forward for the new Richmond Hall to be located near the Hester Residential College and intramural fields, north of the new Clark Hall.

The new facility opened in time for the fall 2009 semester.

2017 explosion
On June 28, 2017, at 4:53 p.m., an explosion at New Richmond destroyed two floors of the building and damaged nearby facilities, including shattering windows. Vibrations from the explosion were felt in the immediate area. No students were present in the dorm at the time due to summer break, but one Murray State employee was injured. The explosion was immediately thought to be the result of a gas leak, and the investigation following the incident revealed that a groundskeeper employed by Murray State had run over a natural gas regulator with a lawnmower earlier that morning.

The damage to the building was repaired for about $13 million, and the residence hall reopened for the fall 2019 semester.