The University of Texas at Austin (UT), US, and ArenaCo, a team comprising the Oak View Group (OVG), Live Nation, C3 Presents and Matthew McConaughey, will build a modern, 10,000-seat arena on campus that will be home to Texas Men’s and Women’s basketball games, graduations, concerts and other events.
ArenaCo, which is led by OVG, will construct the $338m venue on land fully owned by UT without using any university or public money.
The arena will be constructed on a current parking lot south of Mike A Myers Stadium and will replace the 41-year-old Frank C Erwin Center, which will make way for the future expansion of the Dell Medical School.
UT will be responsible for infrastructure improvements near the site to make it ready for construction.
The arena will provide a modern men’s and women’s Longhorn basketball fan experience and feature student seating surrounding the court.
The new venue is expected to be a prime location for university, campus, community and high school events.
It is designed to expand to 15,000 seats and will provide a modern venue for touring concerts and shows.
UT Austin president Gregory Fenves said: “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.
“The arena will provide for an unforgettable UT basketball experience and represent the best of our university.”
C3 Presents and Live Nation will bring new entertainment to the arena. Academy Award winner Matthew McConaughey will act as the Minister of Culture at the venue.
The UT System Board of Regents has authorised UT Austin to complete negotiations and enter into agreement with OVG and its partners.
UT vice president and athletics director Chris Del Conte said: “This is a truly wonderful opportunity for The University of Texas, our basketball programs and the City of Austin.
“We’re building one of the nation’s finest arenas that will provide an awesome home court advantage for our men’s and women’s basketball programs.
“The 10,000-seat facility will bring our fans and students close to the action and provide an exciting and engaging game day experience.
“On top of that, it will have the capacity to expand to 15,000 when needed and be a big-time concert venue that draws premier performers to our great city.”
The new arena is expected to be opened in 2021.
Image: Rendering of the arena to be constructed on the campus of The University of Texas at Austin. Photo: Courtesy of The University of Texas at Austin.