Florida Gulf Coast University in Fort Myers has announced a $5 million gift from Raymond L. and Beverly Lutgert to expand its business school.

The gift will support construction of a new building housing classrooms and study areas, as well as $550,000 worth of financial trading equipment. The college and building will be renamed in recognition of the gift.

"We are delighted that Raymond and Beverly Lutgert are making such a generous gift to benefit FGCU's college of business," said FGCU president William C. Merwin. "Their support will provide our students with an engaging and stimulating learning environment that will have a positive impact not only on students' educational experiences but also on the entire Southwest Florida business community. The Lutgert reputation for quality is keenly compatible with our college of business and its national achievements of excellence."