Great article Jimmy, well done. I think a 7,000 to 8,000 seat arena near North Ave would be great for UWM and I'm sure with a facility like the Al at MU, UWM would have some ideas on what worked / what didn't work, etc.
An arena would do more for UWM than just house a basketball team. UWM has long been considered a commuter school and they are trying to change that image. An arena would help make UWM feel more like a univerisity with a campus, give UWM a real identity in the area.
The new areana would host men and womens' basketball games and big a big draw for recruiting, would provide a venue for concerts, have graduation ceremonies, etc.
I think the real benefit would be to the overall UWM community and the school pride / campus atmosphere it would provide. Who knows, 10 years down the road UWM could be hosting the state high school basketball championships.