"This will take all of us, our talented students, faculty and staff, to be active participants in the changes to come — this is the only way we will be successful."
The Nittany Lions were given +2500 to win a long-awaited national title.
Penn State wrestling remains undefeated with a 6-0 record after defeating No. 13 Michigan and Michigan State.
Five Nittany Lions recorded stats in this weekend's slate of playoff games.
The existing building on the property, which would be demolished, is currently home to BioLife Plasma Services.
The team will receive a performance slot at THON and a $3,000 donation.