The reality is that the construction of a new arena will have require the participation of the voting tax paying citizens of Summit County and they have resoundingly said no. Russ Pry and the leadership of Summit County came up with a plan to raise funds, through a levy, to build an arena and fund the modernization of the county wide 911 system. Research and polling showed that while the citizenry might get behind the 911 system, the arena funding was going to go down big. As a result, they dumped the arena idea. The University doesn't have the kind of money with state cuts to pull it off and LBJ has given plenty to UA. Plus he'd have to pony up serious additional monies to even make a dent.
Just so we're on the same page, the following are some recently built (or in construction) college arenas and their costs:
UMBC Event Center
Team: UMBC Retrievers
Capacity: 6,000 (Up to for concerts)
Cost: 85 Million
Schar Center
Team: Elon Phoenix
Capacity: 5,100
Cost: 20 million
Wisconsin Entertainment and Sports Center
Team: Marquette Golden Eagles
Capacity: 17,500
Cost: 524 Million
Fifth Third Arena (Renovation)
Team: University Of Cincinnati Bearcats
Capacity: TBD
Cost: 85 Million
Welsh-Ryan Arena (Renovation)
Team: Northwestern Wildcats
Capacity: TBD
Cost: 110 Million
Wellness and Events Center
Team: NJIT High Landers
Capacity: 3,500
Cost: 102 Million
CBU Events Center
Team: Cal Baptist University
Capacity: 5,200
Cost: 73 Million