So I would think VT could build a new arena for a little over $100 million that seats approximately 10-12K. If VT plans to use the arena for multiple activities throughout the year, then it might be worthwhile to spend up to $150 million or so to design the arena to be easily expandable (or easier to renovate) in the future.

At least I think it would be "better" to build a new structure with the possibility of future expansion and the expansion never comes to fruition than to build a new structure thinking no expansion will ever take place and then have to figure out a way to expand the structure. The way Lane has evolved over the years into its current patchwork state should serve as a reminder of what happens when leadership doesn't do a good job of planning ahead.