Oak View Group will build and operate the arena that will ultimately belong to the universityUNIV. OF TEXAS
The Univ. of Texas' Moody Center groundbreaking ceremony yesterday was a "major step in a multi-year journey that's drawn interest and opinions from just about every major constituency around UT," according to Brian Davis of the AUSTIN AMERICAN-STATESMAN. Texas officials partnered with Oak View Group, which will "build and operate" the $338M basketball arena and major events venue that will ultimately belong to the university. UT athletics and university events collaborated to "bring a mini-Bevo Boulevard to the parking lot just south of Mike Myers Stadium," and they "imported the same concert stage used for Longhorn City Limits and lined food trucks around the perimeter." A portion of Red River Street on the east side of Lot 70 is "expected to be closed later [this] month so construction can begin." The arena is "scheduled to be ready" for the '22-23 season. UT President Greg Fenves said, "We're getting started more quickly than I thought we'd be able to." This is OVG's "first partnership with a public university." OVG CEO Tim Leiweke said that since it was announced the company was partnering with UT, about a "dozen other universities have reached out wanting to strike a deal" (AUSTIN AMERICAN-STATESMAN, 12/4). In Austin, Daniel Salazar writes S.F.-based architectural firm Gensler is "behind the massive project," and yesterday "released new renderings of the Moody center, including interior views of the venue hosting a concert and a Longhorns basketball game" (BIZJOURNALS.com, 12/4).
A WHOLE NEW WORLD: In Austin, Kirk Bohls writes UT is "ushering in a splashy new era for athletics." UT AD Chris Del Conte said, "It's a game-changer. It is huge. How many times in a collegiate institution's life do you build a new $338 million arena? ... It will be the finest arena in the country. I know you have your nostalgic Phog Allen Fieldhouse and Duke, but there will be nothing like this. There will be 10,000 intimate seats." But Bohls notes its reach "goes well beyond" UT events as a venue for concerts and post-season athletics. Del Conte said "for sure" that UT will "bid to host NCAA basketball regionals in the future" (AUSTIN AMERICAN-STATESMAN, 12/4).
