If your station is they type that airs a number of different music programs, build a large room for your library.
Actually, I would argue somewhat the opposite. Not because I'm against a diverse music library...but because a large music library merely gives a station more time to put off doing what will inevitably be necessary: music management. And the longer you put it off, the more emotionally invested everyone gets, and the worse it will be.
I
wrote up an article on this topic a while back; I think it's still fairly relevant. The only major change is that storage has gotten so ridiculously cheap that there's really no reason to store music in anything but uncompressed 16-bit stereo 44.1 kHz form. Probably WAV or perhaps FLAC, although WAV is more automation/live-assist friendly. Actually, one other change I would make is that
every college station should be seriously investing in a computer system that makes live-assist very easy to do. (i.e. a human DJ playing tracks off a computer) Why? Because CD's are practically a "quaint" technology to most incoming college students. Remember that most incoming freshmen were only 5 years old when MP3 hit the mainstream, and only 9 years old when high-speed internet started becoming widespread.
Other advice? Have two main, traditional "radio studios" (15x15ft minimum), plus one "performance room" (15x20ft or bigger), and another two or three "edit booths" (5x5ft) that just have a computer, Protools (or preferred editing software/hardware) some speakers and perhaps a phone hybrid. Also, one place where storage is critical is for: PA gear, backup spares, promotions swag, remote gear, batteries, etc. You usually don't want to leave that stuff out in the main station area, but everyone underestimates how much space that all that stuff tends to take up...I recommend at least 12x12ft, if not 15x15ft. Office space is overrated, but you do probably want at least a 12x12ft for your music directors, and perhaps another 12x12ft for general use. Unless, of course, you have professional staff - in which case plan accordingly based on staff totals.
One last tip: proper radio studio construction tends to be incredibly expensive compared to regular office space. Most architects aren't aware of that; very, very few do proper radio studios - although many CLAIM to do so and do it badly. A radio studio needs substantially higher ceilings for acoustics and for the proper "room within a room" design for acoustic isolation. The windows must be at least double-paned, if not triple, angled properly, and the glass is usually twice as think. The doors are special. HVAC is a real bear to baffle properly. The AC power needs to be properly grounded and the circuits combined to prevent ground loops BUT still have your audio gear separated from potential AC line noise sources. And don't forget backup power! Finally, the room-within-a-room style is not easy to construct in a way that isolates from low-frequency vibrations without sacrificing structural integrity...there's only one or two ways to do it right, but about three dozen ways to do it wrong. And never mind ADA compliance!
IIRC, usually office space construction is around $50 per square foot. Radio studios tend to be $175 to $250 per square foot, depending on market conditions.