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CINCINNATI — A joint venture between Skanska and Megen Construction will undertake a $70 million renovation of the University of Cincinnati’s Fifth Third Arena. The 26-year old facility, originally named the Myrl H. Shoemaker Center, is home to the University of Cincinnati Bearcats men’s and women’s basketball teams and women’s volleyball team. The renovation will include a seating bowl with space for 11,500 spectators, new concessions and restrooms, an upper-level concourse with fan amenities, expanded food and beverage options, a new Bearcats lounge, “super suites” and a new main entrance and plaza. Construction is scheduled to begin in June and is slated for completion in November 2018.