The University of Texas is moving forward with a plan to demolish the Frank Erwin Center and move its men's and women's basketball programs down the street.

The announcement was made Friday afternoon on the university's website.

University President Gregory Fenves also made the plans public via Twitter:

Built in 1977, the Frank C. Erwin Jr. Center has served as the venue for Texas Longhorns basketball games and also hosts other events, such as concerts.

The new facility will also host concerts and other events, according to the university news release. A project scope and cost has yet to be determined, but the university is working with a 5-7 year timeline for constructing the arena.

“The campus master plan developed in 2012 called for the land under the Erwin Center to be used for future expansion of the Dell Medical School and the UT Health District," Fenves said. "As we prepare for that, we will also ensure that our outstanding men’s and women’s basketball programs can continue to compete in a great arena."

University of Texas basketball arena The new University of Texas basketball arena is set to be located on the site of a current parking lot just south of Mike A. Myers Stadium and Soccer Field.[/caption]