The University of Texas and “a group led by the Oak View Group” have reached an innovated deal to construct a world-class arena on campus as a replacement for the 41-year-old Frank Erwin Center, the school announced on Thursday.
“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.”
Expected to be completed in 2021, the state-of-the-art, $338 million venue, which will come at no cost to the school or the public as part of a 35-year agreement, will serve as the new home for men’s and women’s basketball games, in addition to hosting graduations, concerts, and other events, the school announced.