Philadelphia is preparing for a new major sports venue that will eventually become home to the 76ers, Flyers and the city’s incoming WNBA franchise.

The arena is scheduled to open in 2030, with construction planned for the former Spectrum site in South Philadelphia.

The timeline is designed to have the building ready when Philadelphia’s WNBA expansion team begins play that same year.

Harris Blitzer Sports & Entertainment and Comcast Spectacor will share ownership of the project equally. The new venue will be financed entirely with private funding.

Sixers managing partner Josh Harris said the project is intended to provide Philadelphia with a premier arena capable of serving the city for decades.

“Philly fans deserve the best arena in the world, and we are excited to partner with Comcast to deliver just that,” Harris said. “This privately funded arena will be the home to moments and memories that define this city for generations.”

NBA commissioner Adam Silver also praised the project after the first renderings of the future venue were unveiled.

“I’m thrilled to see the first renderings of what promises to be an extraordinary home for NBA and WNBA basketball as well as many other world-class events.

“Beyond the incredible experience the new arena will bring to fans, I commend HBSE and Comcast for such a significant economic investment in Philadelphia.”

Once completed, the arena will bring the Sixers and Flyers into a new shared home while also providing Philadelphia’s WNBA team with its permanent venue from the beginning of its inaugural season.