The Los Angeles Clippers received final approval from Inglewood to begin construction on a new arena in the city.

The team will purchase publicly owned land used for the site for $66.25 million as part of the agreement. 

Steve Ballmer plans to build an 18,000 seat arena, along with a practice facility and corporate offices in Inglewood. The entire project is estimated to cost $1.2 billion.

The project is expected to create 1500 full-time jobs and $100 million in tax revenue over the first 15 years in business.

"Every part of [Inglewood Basketball and Entertainment Center] is being designed with purpose -- with an unapologetic intensity that will define the experience together for players, musical talent and fans alike. This arena will prove, beyond a shadow of a doubt, that there is no replacement for live basketball and entertainment," said Clippers president of business operations Gillian Zucker.

The stadium, set to break ground in the summer of 2021, is projected to open by 2024. 

Naming rights for the stadium are currently being shopped worldwide.