UPDATED 2:06 p.m.

BROOKINGS, S.D. (KELO) — Big changes are coming to Frost Arena on the campus of South Dakota State University. 

In a news conference Monday, SDSU officials announced First Bank & Trust Arena will be the new home of Jackrabbit men’s and women’s basketball, wrestling and volleyball. The bank is giving $20 million to renovate Frost Arena.

Frost Arena currently seats 6,500 fans for basketball and the first game was played in 1973. 

The proposed project needs approval by the South Dakota Board of Regents and is estimated at $50 million. More fundraising is ongoing through the SDSU Foundation.

The new facility will have an estimated capacity of 5,500.

SDSU has also started work on a $4-million wrestling practice facility. The Kurtenbach Family Wrestling Center is scheduled to open in Fall 2022.

South Dakota State University is holding a “game-changing” announcement at Frost Arena at 2 p.m. Monday.

In a news release, SDSU says “officials will make a major announcement regarding the future of Jackrabbit Athletics facilities.”

KELOLAND News will be in Brookings and will have more coverage on air and online. You can watch the event in the player above.