The Skating Club of Boston, the third-oldest skating club in the nation, will develop a new facility at 176 Lincoln St. in Boston’s Allston-Brighton neighborhood after executing a land-exchange agreement with Harvard University.

The Skating Club of Boston is trading its current location along Western Avenue in Allston for Harvard University’s Lincoln Street property, according to a statement. The Lincoln Street property currently houses a building shell, which will be demolished to make room for the construction of the new skating facility.

"This expansion is long overdue," said Joe Blount, president of The Skating Club of Boston. "The Skating Club of Boston is excited to grow its organization while remaining part of the neighborhood it has called home for over 70 years."

As part of the agreement, Harvard University will become owner of the current rink on Western Avenue and will rent it back to The Skating Club of Boston during the construction of the new facility. Harvard will also acquire the adjacent 1234 Soldiers Field Road property, currently owned by The Skating Club of Boston, where the Days Hotel will continue to operate under an existing long-term lease.

The club’s new facility will feature three sheets of ice which will enable the club to support training for competitive figure skaters, learn-to-skate programs, synchronized skating, theater on ice, recreational public skating and hockey, according to a statement.