The Arizona Board of Regents has approved Arizona State University's plans for a $115 million multipurpose arena for hockey and community events.

The Arizona Republic reports that construction of the 5,000-seat arena on the Tempe campus is scheduled to begin in January; the projected completion date is December 2022.

The projected cost is $115 million, down from initial estimates of $120 million.The plan no longer includes a separate Olympic sports training facility, perhaps a short-term casualty of the coronavirus pandemic.

Construction will be financed through bonds over a 30-year term, using facility revenue, donations and athletic facility district revenues to fund the debt service.

The facility will be home for university hockey, gymnastics and wrestling events. Concerts and other public events also will be held at the arena.

Sun Dev Partners is the developer of the arena in conjunction with Mortenson Development.

A venue management company will manage the arena and training facility and be responsible for operations and maintenance costs.