The proposed arena, which is scheduled to open in 2030, would also be the home for Philadelphia's WNBA team.
The teams say the arena is designed to deliver a next-generation fan experience and amplify the energy of Philadelphia sports, concerts, live entertainment and community programming.
Global design firm Populous and nationally recognized architect Moody Nolan were selected to build the new arena in South Philadelphia.
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The Spectrum-inspired design includes more than a half-acre of outdoor gathering space, with fan plazas, food and beverage options and a large entrance staircase inspired by the steps at the Philadelphia Museum of Art.
"Philly fans deserve the best arena in the world, and we are excited to partner with Comcast to deliver just that. This privately funded arena will be the home to moments and memories that define this city for generations," said Josh Harris, Co-Founder of Harris Blitzer Sports & Entertainment and Managing Partner of the Philadelphia 76ers.
The organizations project the arena will create nearly 15,000 jobs and generate nearly $6 billion in economic activity over the next decade, along with hundreds of millions of dollars in new tax revenue benefiting the city and the School District of Philadelphia.
The name of the new arena is expected to be formally announced at a later date.