What happened: The shared venue is planned for the former Spectrum site. The organizations call it the largest fully privately funded project in Philadelphia history.
Why it matters: The plan keeps both franchises in South Philadelphia. It also returns their shared home to the grounds where the Spectrum stood.
By the numbers: The Spectrum opened in 1967 and housed both teams until 1996. The new arena is targeted to open in 2030.
What to watch: Watch for final design details and a construction timetable.