Soto, who graduated from Stratford High School in 2003, was 27 years old when gunman Adam Lanza killed her, five other staff members and 20 children at Sandy Hook Elementary School on Dec. 14.
"In the days since the tragedy in Sandy Hook, the stories of bravery and heroism by Stratford's own Victoria Soto have been both heart-wrenching and abundant," Mayor John Harkins said in a statement, WVIT-TV, West Hartford, reported.
"She gave her life protecting children, and we must make sure her sacrifice is never forgotten. Over the last couple of weeks, I have met with Victoria's family and discussed how the town can recognize her in a meaningful and appropriate way. Her family has shown amazing strength and resilience in remembering and honoring Victoria's life," the mayor said.
The new building has been approved for the campus of Honeyspot Elementary School, and construction will begin in the summer, the TV station said.