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TCU's Daniel-Meyer Coliseum will soon get a major overhaul as the TCU Board of Trustees approved designs for a $45 million renovation.

Ed and Rae Schollmaier donated an initial $10 million to the project and construction is anticipated to start in 2014.

"Depending on fundraising, my hope is to have construction begin this time next year," TCU Athletic Director Chris Del Conte said in a press release.

Part of the construction design includes new locker rooms, team meeting rooms and a sports medicine center. The plans also include wider concourses, more courtside seating, new concession stands and a courtside club lounge.

In addition to the interior renovations, the outside of Daniel-Meyer Coliseum will be getting a facelift as well. The building's facade will be modernized to "architecturally complement Amon G. Carter Stadium and the TCU campus," according to the press release.

"Having the opportunity to renovate Daniel-Meyer Coliseum helps TCU achieve its ongoing goal of optimizing its physical campus," Chancellor Victor Boschini said in a statement.

Additional features of the proposed new Daniel-Meyer Coliseum are a TCU Athletics Hall of Fame display on the concourse level, offices for Olympic sports and administration and a larger main ticket office to support both Daniel Meyer Coliseum and Amon G. Carter Stadium.

TCU men's basketball coach Trent Johnson and women's basketball coach Jeff Mittie both praised the Board of Trustees in the press release and stated how a rebuilt arena will be a mark of pride for the university's programs.