$500 million on capital projects? That is a butt-load of dough.
This has been on going in private for a looooong time. Whether this actually goes on, TBD. Dr. G. has been working the government and private donor route for a bit on this, and even the NCAA behind closed doors to expedite the transition. Personally, and based on Rowan's location and breadth of offerings, campus, etc. (compared to Rutgers-Camden), I think this will happen.
Now, that being said, they 100% do not a 5000-7000 seat arena. No sir, no how. Rowan will be an NEC type school at first, with the potential to grow into an America East school. Yep, you heard that right...they would be a PERFECT fit for the America East once they grow the academic side a bit more. They would bridge a gap between UMBC and NJIT, and are in a fertile recruiting area. They are not going A-10 and they are not going CAA. Even with that said, most new arenas/stadiums are on a 10% downgrade as sports, outside of the deep south and pockets of P5 schools, are losing in-person attendance. For example, USF and SDSU are building 35,000 seat stadiums with the ability to go up to 45k. That's the right size. Albany is going to 3800, and I think the right size for us eventually is 5000, but with SRO and the ability to use the MVP Arena...it's the right size. So, unless Rowan is building this for concerts (like UMBC) then this is overkill.
For those who aren't up on the athletic history of Rowan, they are a consistent DIII power and when Albany played them in football at the DIII level, they were chock full of D1 transfers on Rowan...and not scrubs...just players whose academic side was suspect. That's always been the issue with Rowan, in the past...compared to that of TCNJ.
If Rowan moves up...they will QUICKLY become a low-mid/major player.