BLOOMINGTON, Ind. (WOWO): Indiana University's Assembly Hall will face a major renovation and name change, the university announced this afternoon.

IU President Michael McRobbie revealed Cindy Simon Skjodt, an IU graduate has made a donation of $40 million dollars for the project. Simon-Skjodt is a part of the Simon Property family that owns and operates hundreds of malls around the globe. 

Officials say the project could be completed by 2016 and will be renamed Simon Skjodt Assemby Hall. It will include a new video board and luxury seating. It is the largest gift in athletic department history and the fourth largest in the school history.  

The 42-year-old facility has hosted three national championship basketball teams in 1976, 1981 and 1987.