A new 5,000-seat arena for basketball, gymnastics and volleyball will be built on Towson University's campus, the school announced Tuesday.

On TigerArena.com, Towson plans to chronicle the arena's construction, starting with the groundbreaking scheduled for May through the anticipated completion of the project in spring 2013. The arena will be funded through a combination of public and private funds.

"It's with great enthusiasm that we officially announce our Tiger Arena project," Towson president Robert Caret said in a news release. "Towson is an athletics program on the rise and we are looking forward to the date 932 days from now when we are able to showcase this new jewel on our beautiful campus to the Greater Baltimore Community."

The venue will be called Tiger Arena during construction, but officials said that will change prior to the grand opening depending on naming rights. The arena will be located on Auburn Drive in Towson's athletic complex, just south of Johnny Unitas Stadium and east of the Towson Center.

"As we move our athletics program forward it is critical that we focus on developing competitive differentials that will serve our university well for decades to come" Towson athletic director Mike Waddell said. "Tiger Arena will be an intimate setting and a true home court advantage for our teams as they compete for the glory of the Black and Gold. I am thankful to Dr. Caret, our State and campus leaders, and countless others who have worked hard to green light this project."

The new arena will include five premium mezzanine level private suits, approximately 340 premium club seats near the top of the upper bowl, and 120 courtside seats. Tiger Arena will also have a 1,500-square-foot hospitality room, a 680-square-foot multipurpose room and an 800-square-foot Tiger Hall of Fame Room on the concourse level. A multimedia studio will be constructed to serve the new arena and Johnny Unitas Stadium.