1) "The Church" would not be the ones doing this. It would be the university driving it. If, by "The Church", you mean the Board of Trustees, that holds more validity, but the way you stated it a few times, it leads me to believe you are saying the Church is driving this.
2) This would not be something the Board of Trustees would just have out there for anyone and everyone to see, and if your friend saw something, it wouldn't be something he'd be at liberty to talk about, and he/she wouldn't be okay with you posting it on social media (it's the kind of thing someone can lose their job over).
3) Funding wouldn't come out of the church's general fund. I'm sorry, but that, by itself, sounds totally bogus. No building project happens at BYU until funding is secured and it is NEVER from the general funds of the Church.
4) Building projects don't just happen like that. They have to be reviewed and approved by the City of Provo and would have been through hearings or on some hearing agenda already, hence we would have heard about it by now. It takes time to get things like that through the municipal processes, so it's not likely they'd be starting now to be under construction by the end of the year.

Now, could I be wrong? Sure, but but I doubt it.