Years of talk about building an arena capable of hosting professional sports and big-name concerts yielded an announcement Tuesday that casino giant MGM Resorts International and entertainment company AEG will build a privately financed 20,000-seat indoor venue on the Las Vegas Strip.

Construction on the $350 million arena should start next summer on land that MGM Resorts owns between the New York-New York and Monte Carlo resorts, the two companies said in a joint announcement. Completion is expected by spring 2016.

The international design firm Populous will draw up plans for premium seating and hospitality areas for entertainment and sports events, the statement said. Populous designed London’s O2 arena, Berlin’s O2 World arena and Kansas City’s Sprint Center, among other projects.

Read the full story: Billboard