The age of the buidling shouldn't play a factor in the decision to tear it down. If the building no longer meets your needs, it doesn't matter how old it is.

The facility should be kept. It's a good gym. The retractable seats are perfect for the "lesser" sports (volleyball, women's basketball, etc.).

A new facility could be built either on the UC side of Jefferson in the planned greenspace next to Edwards and the Baseball Field, or across the street. Across the street would have the added benefit of tearing down more delapidated crap in the off-campus neighborhoods.

A near-campus facility would be able to be a true arena, while 5/3 could remain what is essentially a gym with a bunch of possible seating.