Not necessarily. The main purpose for the change was to anchor the empty corner of the campus towards McCormick from the Student Center (especially as the new road will run through here and past the new Chem building). The two will put an 'edge' on a long undefined campus sprawl. Also, to my understanding, a second engineering building (well, third if you count the Biomed building) is still a medium term priority. Probably still behind the new Marine Science digs, but a priority. If it can connect with industry, then it goes to the front of the queue (to a degree at least)...
I hated these designs when I first saw them. But I'm coming around. With Biomed, it also creates an engineering quad, which is great. Busch needs more spaces like this.