Los Angeles, CA -- (Sports Network) - UCLA announced a huge project Monday to expand and renovate their basketball home, Pauley Pavilion, to bring it up to modern times.

Home to Bruin athletic teams since 1965, Pauley Pavilion will get a major facelift, to the tune of $185 million.

"Pauley Pavilion is hallowed ground," said Dan Guerrero, UCLA's athletics director. "This iconic building has been home to many historic events and some of the greatest athletes to ever compete in intercollegiate athletics. Now is the time to create a 'new' Pauley Pavilion - one that will continue to serve the UCLA community for many years to come."

Guerrero said $52.5 million has already been committed to the project by donors and sponsors.

The plan calls for an all new seating bowl, bringing the capacity to about 14,000, an increase of about 1,000 seats. There will also be a new HD video scoreboard and LED ribbon board and new locker rooms.

The current timeline calls for construction of the project to begin in February 2010 with a completion date for the Fall of 2012. That means the men's and women's basketball teams will find somewhere else to play for the 2011-12 season.

The arena is one of the most hallowed in college basketball. UCLA's longest winning streak in Pauley Pavilion was 98 games.