CLEVELAND, Ohio -- Quicken Loans Arena is getting a new name. According to multiple sources that spoke with cleveland.com, the name will officially change to Rocket Mortgage FieldHouse during an announcement Tuesday afternoon.

With a new glass facade and 42,000 square feet of public space, the arena renovations are expected to give the look and feel of a FieldHouse, which the organization believes will tie in well with the name change.

The new name will be unveiled in a video presentation.

A news release issued by the Cleveland Cavaliers on Monday teased a “major announcement," with officials from the Cavaliers, city of Cleveland and Cuyahoga County all expected to be there for the reveal.

Cavs owner Dan Gilbert, Quicken Loans CEO Jay Farner, Cleveland Mayor Frank Jackson, county Executive Armond Budish, along with Cavs CEO Len Komoroski and General Manager Koby Altman will be in attendance.

The Cavs will play their final home game of the season Tuesday night against the Charlotte Hornets.

When the Cavaliers’ downtown home first opened in 1994, it was known as “Gund Arena,” named for former Cavaliers owner Gordon Gund after he paid for the naming rights. In 2005, the name changed to Quicken Loans Arena when Dan Gilbert bought the team for $375 million. Affectionately referred to as “The Q,” the 19,000-seat arena has hosted numerous major events, including multiple NBA Finals. Now, it will become Rocket Mortgage FieldHouse -- named after the subsidiary of Quicken Loans.

The name change is a continuation of the massive, $185 million renovation and transformation that will increase the total square footage of the venue from 95,380 square feet to 152,970 square feet. The arena will close in May to complete the renovation in time for the grand opening on Sept. 30.