James Madison University recently announced plans to construct an 8,500-seat arena to house the campus’s men’s and women’s basketball teams. The arena, set to cost $88 million, also will host public speakers, serve as the university’s convocation and graduation center, and provide space for high school graduation ceremonies, concerts, conventions, trade shows, and family-style entertainment.

Slated to feature premium seating areas, the new arena will include a club level, private suites and hospitality spaces, and pre-event spaces for students. But its central purpose will be to serve as the locus for the university’s basketball programs. It will house high-quality offices, locker rooms, training spaces, meeting rooms, and a full-court practice facility with six shooting stations.

“These days, college basketball revolves around recruiting,” observed Eric Willin, COO of EZFacility, a sports center management software developer in Woodbury, New York. “James Madison University’s new facility certainly will give the campus an edge in attracting the best student-athletes and developing their skills.”

The university has not yet announced a date for construction to begin. A fundraising goal of $12 has been set, but university officials stated that all support must be secured before construction on the project can begin. While no formal timeline has been delineated, the university is actively fundraising.