That's weird. The Alpha Phi at UT house corporation board has been conducting some major renovations in recent years. It seems odd to me that they would demolish a historic house and build another one after going through so much expense already. According to their website, they are planning to convert the chapter room into a study room this summer. Why would they do that if they were planning to demolish the house?
See here:
http://texasalphaphialum.com/house/current-renovations/