NDSU did do it with their business building, and their building is very nice. However, I personally do not like the idea because it makes for an awkward distance between buildings, certainly could not get from the business building to a building on the actual campus in 10 minutes (usual length between classes), so your schedule could have some weird gaps in time. I think that as long as there is space on campus, UND should not consider having classroom buildings off campus.
One thing I think would be nice to free up space on campus in the long run would be to tear down those ugly housing buildings on University toward 42nd street, across from the aviation building. The housing could be replaced with more space efficient, apartment-style housing to the north. This would allow for new, high usuage buildings to be right along university ave, and would certainly be much more visually appealing than those ugly housing units that currently sit on such a high traveled area of campus!