Construction of the new basketball arena and special events center is set to begin in late spring and proceed on schedule, thanks to two new gifts from University alumni.
A $10 million commitment from Paul Tudor Jones II and a $5 million pledge from William H. Goodwin Jr. bring donations to a total of $75 million. The entire cost of construction is estimated at $130 million.
The project includes a basketball arena seating 15,000. which will replace University Hall when construction is completed in late summer of 2006.
"We are hoping to begin the 2006-2007 basketball seasons for both men and women in the new arena," said Robert D. Sweeney, senior vice president of development and public affairs.
Opening the arena on schedule, however, is contingent on securing and maintaining adequate funding, officials said.
"The University must have assurances that funding is in place, or will be in place, to meet the costs of construction before it will begin a project," said Leonard W. Sandridge, University executive vice president and chief operating officer. "In the case of the arena and special events facility, we have gift schedules and bond authorizations that will allow us to get the work done as planned."
Prominent projects, such as the arena, almost always benefit from several major donations, Sandridge added.
In addition to the multi-million dollar gifts from Jones and Goodwin, the University has received $1 million pledges from alumni Robert V. Hatcher Jr., Anthony F. Markel and Paul H. Saunders.
Many big money donors contribute their time, as well as their money, to the projects they are most interested in.
Jones currently serves as chair of the volunteer committee commissioned to guide the arena project and Goodwin has overseen much of the project as a member of the Board of Visitors and chair of the Board's finance committee.
"Oftentimes, leading philanthropy comes from the people most involved," Sweeney said. "They understand the need
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