What happened: The building will rise on grounds once occupied by the Spectrum. Harris Blitzer Sports & Entertainment and Comcast Spectacor are developing it through a joint venture.
Why it matters: The project keeps the 76ers in South Philadelphia after the franchise abandoned its Center City plan. It would replace a current building that opened in 1996.
By the numbers: The project is budgeted at $1.5 billion, with ownership split 50-50. The Spectrum housed both clubs for 29 seasons, from 1967-68 through 1995-96.
What to watch: Next come detailed design plans and a construction schedule.