The recession has provided many attractive real estate opportunities for buyers. But a downtown, riverfront, multi-purpose facility for $1? That is what the University of Massachusetts Lowell paid for the Tsongas Arena earlier this year.

The facility, which had been run at a deficit by the city of Lowell, serves as home ice for the school's Division I men's hockey team. It will now also be used for commencements, academic conferences, guest speakers, concerts, festivals, and even family shows such as Disney on Ice.

"The university didn't purchase the arena just as a home for the hockey team, but as a convocation/student activities center that would enhance the quality of life on campus," says Athletic Director Dana Skinner. "One of Chancellor Marty Meehan's primary goals is to increase retention and graduation rates, and evidence is clear that providing a more vibrant on-campus experience contributes to that goal."

The 6,500-seat center also serves as an added draw for the athletics program. "We use it during recruiting nights for many sports teams," says Peter Casey, Director for Athletic Business Enterprises, who oversees all operations at the Tsongas Arena. "Our athletic department is Division II with the exception of ice hockey. To bring a prospective student-athlete to an event that has nearly 5,000 people makes an impression."

The university is in the midst of $5 million worth of renovations, which will include a video scoreboard, premium seating, and a sports deck to host alumni and corporate gatherings. "The improvements will provide a better fan experience," says Casey. "The back of the house upgrades will increase the marketability of the facility. For example, we are installing a cable system to make moving in and out easier, which will be a selling tool when we talk to show promoters."

Another goal is to help the school further establish its brand and presence in downtown Lowell, continuing the vision of the man the center is named after. "The construction of the sports facility was the idea of the late Senator Paul Tsongas, and the intent was to enhance both the University and the city by transforming what was the worst section of Lowell into a destination area for the entire region," says Skinner. "It was, in my view, a grand experiment and an example of what can be accomplished when a university, the city, and the state come together with a single purpose--to improve the quality of life for the citizens."

What advice do UMass Lowell administrators have for others interested in such an endeavor? "We did a lot of research, visited other facilities, and asked a lot of questions," says Casey. "Asking, 'If you could do anything differently, what would you do?' and learning from others' experiences was vital. Do your homework, make lots of calls and conduct site visits."