Eby Fieldhouse was constructed at Coe College in 1929 when the United States was on the eve of the Great Depression and the liberal arts school in northeast Cedar Rapids had approximately 150 student-athletes on campus.

Now it's time for a major makeover that will cost $23 million, making it the largest capital project in college history.

Coe officially unveiled its "Make Your Move" campaign Friday afternoon to build a new performance arena, a new fitness center and a new wrestling room. Eby Fieldhouse will be renovated and used as a recreational and practice facility and all the facilities will be connected to the Clark Racquet Center by a bridge across College Drive.

The cost of the athletic facilities has been pegged at $20 million. In addition, the school plans to spend another $3 million to renovate and expand Hickok Hall, an academic building on campus.

Ground-breaking for the project is set for April or May in 2016, with a completion date of August in 2017.

"I am more excited than I can say," Coe President David McInally remarked Friday during the unveiling at Eby Fieldhouse. "The need is obvious, but the potential is even more exciting."

The college has received approximately $10 million in pledges so far, according to McInally. The public phase for fundraising was launched Friday as part of homecoming activities and McInally is confident of reaching the goal after getting "not quite halfway" to $23 million.

"When you hit that target you know it's really going to happen," he said.

The new performance arena will seat more than 2,000 spectators for basketball, volleyball, wrestling and other activities. It will be located to the north of Eby Fieldhouse and include new locker rooms, office space and meeting rooms.

"It's a game-changer for us," said Coe men's basketball coach Bryan Martin. "It's very exciting. We feel like we have an unbelievable school here and a great location, and now to add first-class facilities like this would just take our program to another level and certainly be of great appeal to prospective student-athletes.

"It's not only going to benefit our program, but really every student and athlete at Coe College," he said. "That's going to be the best part about the whole thing."

Coe has approximately 1,400 students and 450 varsity athletes in 21 sports. Nearly all of the 1,400 students participate in intramurals or use the current fitness center, which is located in the basement at Eby Fieldhouse.

Eby Fieldhouse has been renovated over the years and there were plans eight years ago to construct a new building. Now the college is ready to move forward with a comprehensive package.

"It was good that we waited to this point," said John Chandler, the school's athletic director. "We've been able to get some ideas by going to different places and seeing what they've done."

Chandler said he's visited Iowa Conference schools and other Division III institutions to inspect their facilities and gather input. Coe College is working with Dewberry, an architectural and engineering company in Peoria, Ill.

Chandler said the new facilities will be built first, followed by the renovation to Eby Fieldhouse to minimize disruption for teams and athletes. Coe plans to act rapidly and have the new facilities ready for the 2017-18 school year, less than two years from now.

"We want this on the fast track," Chandler said. "I think the builder is confident they can do that."

If the project goes as planned, members of this year's sophomore class at Coe will play their games in the new arena when they are seniors.

"I think it's really neat," said sophomore Aleena Hobbs, a member of the women's basketball team who is from Cedar Rapids. "I hope to have the opportunity to get to play in it my senior year. I think it's unbelievable compared to what we have right now. It's top-notch."

Coe has already completed part of the $20 million project for athletic facilities with a new track and additional bleachers at Clark Field, which hosts football, soccer and track.

Eby Fieldhouse is normally packed with teams and student-athletes.

"It's a very busy place," said Martin, the men's basketball coach. "We get our two-hour time block, and 90 percent of the time there's somebody on the floor before the two-hour start and 90 percent of the time there's somebody stepping on after those two hours are over.

"We make it work," he said. "We always have, we always will until the new one is built."

If all goes well, current high school juniors who enroll at Coe as freshmen in 2017 will get to use the new facilities from their first day on campus.

"The class of kids we're on right now is already excited about the idea of the new facilities that are coming," said Martin. "It's certainly a positive tool to have and show off."

Coe has received a $3 million challenge grant from the Hall-Perrine Foundation of Cedar Rapids as part of the fundraising drive.

The new performance center will be built on a parking lot next to Eby Fieldhouse. The school plans to build new parking lots on campus as part of the project.