The University of Memphis' renovations of Simmons Bank Liberty Stadium will be split into three phases and are expected to be completed before the start of the 2026 football season, university officials announced Monday.

Officials unveiled new renderings and specific plans for the project, which is expected to cost $220 million. Among the new features unveiled Monday were a party plaza deck on the west side of the stadium that will be completed as part of the second phase and an entirely new suite level above it.

"When you go through a renovation like this and really just completely change the way you look and the type of experience you have, there's a pride that comes with it," athletic director Laird Veatch said. "You really sense that you belong at the highest level."

The project will affect the next two Memphis football seasons and the other events that take place at the stadium — the Southern Heritage Classic, AutoZone Liberty Bowl and United Football League games.

The project is being funded by $120 million from the state, $50 million in a challenge gift from FedEx founder Fred Smith and his family and another $50 million that the university plans to fundraise. Veatch said Monday that the university has already fundraised about $16 million of that $50 million.

University officials have been working toward finalized plans on a significant stadium renovation for years. They initially unveiled renderings for the new-look stadium in 2022 but had to figure out how to fund the planned renovations, and that process played out during most of 2023.

State officials gave the city $350 million to put toward various stadium projects in Memphis, including renovations to FedExForum. Conversations about how to allocate that money stalled until Smith and his family donated the $50 million. Memphis city council later agreed to allocate $120 million toward the stadium and also transferred ownership from the city to the university.

Since January, when that deal was finalized, university officials have been working to establish a timeframe for the project. They had initially hoped to complete the renovations before the 2025 football season, but that has been now officially been pushed to 2026.

The first phase of the renovation is set to start in May.

Phase 1

The first phase will have a minimal affect on the gameday experience for fans. It will involve moving the operations and media areas from the west side of the stadium to the east side. That will allow TV networks to shoot the stadium in the opposite direction, as the USFL did last season.

It eventually will allow for the west side of the stadium to undergo significant renovations. There will still be one level of suites on the east side, while the upper level will be used for operations, media and coaches.

This phase is expected to be completed before the start of the 2024 football season, which kicks off Aug. 31 when the Tigers host North Alabama.

Phase 2

Officials plan to start Phase 2 "as soon as possible" once they've secured $25 million in fundraising. It will add a "party plaza" area to the east side of the stadium. That area will be situated behind 24 rows of seats and will have concessions and areas to watch the game. It will be open to all fans at the stadium. There also will be multiple levels of new suites and club seating on top of the party plaza area.

This phase will include completely redoing the west side suite area of the stadium. There will be a "Founders" suite area with the highest-end suites in the stadium.

Phase 3

Phase 3 will commence when the university has commitments for the full $50 million it plans to fundraise, Veatch said. It will add another layer of seats on top of the party plaza, which will still be open to look out toward the field.

It also will improve the locker rooms and reconfigure the concourse to allow semi-trucks to load in and out of the stadium. That would make it much easier for concerts to be held at the stadium.

"We have not gone through the process to really assess the market for concerts in the space, yet," Veatch said. "We've had a lot of our people ask about it. Our donors ask about it. We do anticipate that there will be some opportunities there."

Effect on 2024, 2025 football seasons

The capacity of the stadium for the next two Memphis football seasons will be in the low-30,000s, Veatch said. The capacity when the renovations are completed will be around 50,000. That's slightly less than the current capacity.

In the meantime, the west side of the stadium will be under major renovations. That will affect around 1,100 season ticket holders, who will have options to move to a different area of the stadium for the next two seasons.

Memphis' 2024 schedule does not include any marquee opponents, but the Tigers are scheduled to host Arkansas in 2025. That game would be expected to draw a crowd above 30,000, so Memphis will potentially be losing out on revenue from the game.

"Obviously we want to maximize that game and create a great experience, but that's one of the downsides of not getting it done before that season," Veatch said. "But, big picture, it's a fairly small price to pay."

Reach sports writer Jonah Dylan at jonah.dylan@commercialappeal.com or on Twitter @thejonahdylan.

This article originally appeared on Memphis Commercial Appeal: Memphis unveils new timeline, plans for Liberty Stadium renovation