The University has received pledges that could allow construction of the new multi-purpose arena to begin within the next 90 days, according to an article in the Richmond Times Dispatch.
The article, published yesterday, claims that the University had $60 million in pledges for the arena at the beginning of March, but needs commitments of at least $80 million for construction to begin.
The arena, which will replace University Hall, is a $128 million project.
Officials hope that the arena will be completed in time to open by the 2006-2007 school year. If construction begins by this summer, the arena should be finished according to schedule.
The University has neither announced nor confirmed that they have received these pledges.
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