Park Community Arena will be a multi-purpose indoor facility with three full size basketball courts and will be home to Sheffield Sharks Basketball.
The Arena will be a flexible venue with the ability to seat up to 3,000 people.
Facilities will be used by students from Oasis Academy Don Valley and UTC Sheffield Olympic Legacy Park during the day and available for the community at evenings and weekends.
It will also be the new home for MLS Contracts Ltd, a leading sport and leisure consultancy and event management company.
Park Community Arena has been designed to complement the existing sporting facilities on Sheffield Olympic Legacy Park, including the English Institute of Sport Sheffield and iceSheffield.