The space has long been used as a nightclub, previously known as Player's prior to becoming Indigo in 2008.
The university anticipates construction on a new building to begin in November 2019 with completion in December 2020. Development plans would require approval from State College Borough Council.
The Pennharmonics 25th anniversary alumni reunion concert will take place Saturday, July 28.
Reports call for a home-and-home series starting in 2026, which could cause scheduling issues for the Nittany Lions.
The rapper will put on a free performance on the HUB Lawn August 24 at 8:30 p.m.
One of the most treasured traditions for each senior class, the class gift gives the Penn State community the opportunity to make an impact on the university and leave a lasting legacy.