Saint Louis University will break ground for its new $80.5 million multipurpose Arena at noon today at the Arena site near Compton and Laclede Avenues.
“It’s hard to believe that it’s actually happening,” said Earl Austin, Jr., American sports editor and longtime colorman for Saint Louis Univrsity men’s basketball.
The new Arena will be home to Billikens men’s and women’s basketball and will host a variety of other events such as concerts, conferences, trade shows and commencements. It is expected to bring more than 400,000 people to Midtown St. Louis each year. St. Louis-based Clayco will build the Arena, with an expected opening in March 2008
The Arena complex will be built on University-owned property on the eastern end of campus and will be visible from Interstate 64/Highway 40.
The University’s Board of Trustees approved moving forward with the re-designed Arena project in February and approved moving ahead with construction in May. The Arena will be funded through fundraising, $8 million in TIF funding and bonds, which will be paid off with revenues from the Arena.
SLU recently announced that it has received two $1 million gifts in August in support of its multipurpose Arena project. The Jack Taylor Family and U.S. Bank each have donated $1 million for the Arena, moving the University closer to the project fundraising goal.
