The University of Texas at Austin (UT) and a group led by the Oak View Group (OVG) will build a world-class arena on campus that will be home to Texas Men’s and Women’s basketball games, graduations, concerts and other events. It is expected to be opened in 2021.
The innovative 35-year agreement between UT and ArenaCo — which includes OVG, Live Nation (NYSE: LYV), C3 Presents and Matthew McConaughey — will be groundbreaking in college athletics and provide a public benefit for UT and the City of Austin for decades to come. The $338 million venue will be constructed on land fully owned by UT without using any university or public money.
The arena will be located on a current parking lot south of Mike A. Myers Stadium. It will replace the 41-year-old Frank C. Erwin Center, which will make way for the future expansion of the Dell Medical School. UT may be responsible for certain infrastructure improvements near the site to make it ready for construction.
“UT’s historic agreement with this highly regarded company will result in a modern arena on campus for our students, alumni, supporters and the Austin community,” said UT Austin President Gregory L. Fenves. “The arena will provide for an unforgettable UT basketball experience and represent the best of our university.”
The 10,000-seat arena will provide an intimate, state-of-the-art men’s and women’s Longhorn basketball fan experience and feature student seating surrounding the court. Much like how the Erwin Center currently operates, the new venue will be a prime location for university, campus, community and high school events. Additionally, the new arena is designed to expand to 15,000 seats and will provide a world-class venue for touring concerts and shows.
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