A new outdoor amphitheater is coming to downtown Austin's Waterloo Park. Waller Creek Conservancy, the nonprofit in charge of preserving the creek and green space from The University of Texas to Lady Bird Lake, will also give the park a makeover with the help of $15 million gifted by The Moody Foundation, a charitable organization known for its large donation to UT's Moody College of Communication. According to a news release on the grant, the new Moody Amphitheater will have space for 5,000 attendees. The conservancy is expected to break ground on the amphitheater later this year. The 11-acre Waterloo Park will include one-and-a-half miles of trails, heritage trees and wetland gardens, elevated promenades and play spaces. The conservancy's long-term plans include building a continuous pedestrian and cycling trail from the Butler Trail to The University of Texas and a new pedestrian bridge across Lady Bird Lake. It will also reconstruct and restore the one-and-a-half-mile lower Waller Creek into a sustainable riparian ecological system, transform the 11-acre Waterloo Park and Palm Park into highly programmed urban destination parks and create new park space along Waller Creek between Seventh and Ninth streets. “This historic gift for Waller Creek demonstrates the importance and value of investing in the public realm for Austin’s future generations,” said Waller Creek Conservancy CEO Peter Mullan. “The Moody Amphitheater will be a place where nature, culture and community come together.” "We're excited that our partners at the Waller Creek Conservancy secured a gift that will help kick-start a transformation of eastern downtown,” said Dewitt “De” Peart, president and CEO of the Downtown Austin Alliance.