It’s all over but the building.

Auburn University’s new basketball arena passed its final pre-construction test Friday, when the AU Board of Trustees unanimously approved a $92.5 million bond issue to fund the project.

Groundbreaking on the arena, the most expensive single building in Auburn history, could begin as soon as next week. For athletic director Jay Jacobs, Friday’s decision was a satisfying conclusion to a process that began shortly after he took office in January of 2005.

“You can’t say enough about the Board of Trustees … just their leadership to see an opportunity and a challenge in this project,” Jacobs said. “It’s a great day for Auburn University.”

The arena, currently slated to seat around 9,600 fans, will be built near the intersection of Wire Road and Roosevelt Drive, northwest of Beard-Eaves-Memorial Coliseum. The new arena will host the men’s and women’s basketball teams for games, practices, weight-lifting sessions and meetings.

It will also host the university’s ticket office, the athletic department’s Lovelace Museum, a retail store for AU-branded merchandise and more.

Earlier this month, Harbert International, a Birmingham-based construction firm, won the bidding process to handle the construction.

Most of the bond issue — $84.6 million, according to current projections — will cover the cost of the project. The remaining $7.9 million will be spent relocating the volleyball, soccer, swimming and track and field teams, which currently occupy 40-year-old Beard-Eaves.

When that process is complete, Beard-Eaves is expected to be demolished.

In addition to the bond issue, Jacobs said the athletic department would continue fund-raising efforts to defray the cost of construction. Dog-track magnate Milton McGregor and his wife donated $1 million to the project earlier this month.

The university also hopes to sell arena naming rights to a major corporation, a deal that could net $20 million or more.

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