ATLANTA (AP) -- The Atlanta Hawks have announced a $192.5 million renovation of Philips Arena, with the city providing the bulk of the funding.

As part of Tuesday's deal, the Hawks agreed to an 18-year lease extension to remain at the city-owned arena through 2046.

The city will contribute $142.5 million toward the project, which will most noticeably alter the look of the luxury boxes stacked on one side of the arena. There will be new amenities, improved sightlines for basketball, state-of-the-art video and connected concourses throughout the 17-year-old facility.

Philips Arena originally hosted both the NBA's Hawks and the NHL's Atlanta Thrashers. The hockey team moved to Winnipeg in 2011.

The renovations will begin next summer and be completed by the 2018-2019 season. The Hawks will continue to play at the arena.

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