UT basketball teams set for move into new arena

The University of Texas men’s and women’s basketball teams are expected to move into a new 10,000-seat arena on the Austin campus in 2021.

The arena will be expandable to 15,000 seats for concerts and touring shows, according to a news release.

UT officials laid out the plans in a news conference Thursday. They said it would be built on parking lots south of Myers Stadium.

The arena is expected to carry a pricetag of $338 million and will be developed in partnership with the Oak View Group.

According to the news release, the arena will be home to men’s and women’s basketball games, graduations, concerts and other events.

A 35-year agreement between UT and ArenaCo — which includes OVG, Live Nation, 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, according to the release.

The release said the venue will be constructed on land fully owned by UT without using any university or public money.

It will replace the 41-year-old Frank C. Erwin Center, which sits on land designated for future expansion of the Dell Medical School.

UT may be responsible for certain infrastructure improvements near the site to make it ready for construction, according to the release.