Towson announced plans to construct a 5,000-plus seat arena to house the university’s indoor athletics programs and community events. It will replace the Towson Center, which university officials consider below current standards in intercollegiate athletics.

The new facility, considered more economical than renovating existing buildings, will include cutting-edge video screens, suites and luxury boxes and expanded lobbies. The $45.4 million project will be funded with a mix of bonds and university funds. The cost estimates could change as more specific design plans are developed and a construction company selected.

Construction could be complete as early as July 2011.