The University of Cincinnati recently signed a contract to formalize the construction firm set to renovate Fifth Third Arena.
Skanska, a publicly traded company, is required to send out a press release on any contract over $35 million. Since the renovation of Fifth Third Arena is a contract around $70 million, the company released a press release Monday announcing its involvement.
A company spokesperson confirmed to FOX19 NOW that the contract to formalize the partnership was signed last week.
Renovations to the 26-year old facility include the creation of a 360-degree seating bowl with space for 11,500 spectators. It includes new concessions and restrooms, an upper-level concourse with fan amenities, expanded food and beverage options, a new Bearcats lounge and super suites.
A new main entrance and plaza with ticketing and guest services are also included.
Construction is scheduled to begin in June 2016 with the installation of four suites in the north end of the arena. Those suites will be finished in time for the start of the basketball season this coming fall. UC will play men's and women's basketball at Fifth Third Arena this coming season, but are expected to have to move to an off-site location when the major renovation begins following the upcoming season.
The UC Board of Trustees still needs to grant its final approval for the renovation project to begin.
A UC spokesperson told FOX19 NOW Sports that the university is still fundraising with a goal of $25 million raised by next month.
That spokesperson added Monday's contract news is "just another step in the process."