AUSTIN (AP) — University of Texas officials are inviting companies to submit proposals to build and operate an on-campus basketball facility to replace the 40-year old Frank Erwin Center.

School officials want a public-private partnership with minimal financial investment from the school. The arena would also be available for concerts and other public events.

The Erwin Center will eventually be demolished to make room for the expanding campus medical school. School officials said they want bids from companies with experience working with universities and building facilities that cost $350 million to $450 million at a minimum.

The announcement did not say how many seats school officials want it to have. The Erwin Center holds close to 16,500 for basketball.