The doors are finally opening to Austin's new, world-class arena Moody Center. The state-of-the-art venue will host top concert tours, sporting events, and will be the home for the University of Texas Longhorns men's and women's basketball teams.

The arena is located at 2001 Robert Dedman Drive. The 530,000 square-foot building cost an estimated $338 million to build and has more than 15,000 seats.

Moody Center replaces the 45-year-old Frank Erwin Center. It's named in honor of the $130 million gift from the Moody Foundation which is the largest gift the foundation has ever given to an organization and one of the largest gifts given to the University of Texas.

To watch the Fox 7 News video featuring CAA ICON President, Dan Vaillant, click here.