UWM and the Wisconsin Center District have agreed on a 10-year deal, renaming the downtown venue and securing it for the men's basketball team.
The agreement also allows UWM to host concerts and other events at the arena.
UWM Interim Chancellor Mark Mone says the naming rights pact "is an important symbol of our deep commitment to the City of Milwaukee and the entire region. It fits well with our strategic plan to enhance the university's brand and to further position UWM as Milwaukee's University."
According to Mone, the UWM Foundation and non-academic programs will pay for the deal; no tax dollars.
UWM is creating new signage. It should be erected during the remainder of the year, while new marketing materials are also being developed.
The Milwaukee Arena was build in 1950. It was later renamed MECCA and more recently, the U.S. Cellular Arena, but the company let its naming rights expire on May 31.
UWM has been expanding at several locations off its main campus on the east side. Those include its School of Freshwater Sciences and the Zilber School of Public Health.
The downtown arena, on 4th and Kilbourn, seats up to 12,7000 people.