For the first time since 1974, all four of Detroit’s major professional sports teams will be downtown.

The Detroit Pistons brass announced the NBA team will be moving to the new Little Caesars Arena starting next season.

Owner Tom Gores, Ilitch Holdings, Inc. President and CEO Christopher Ilitch and Detroit Mayor Mike Duggan revealed details of the move at a news conference in Detroit Tuesday afternoon.

The move will include construction of a new state-of-the-art Pistons practice facility and corporate headquarters that is expected to bring substantial new investment and economic activity to the city.

“This is a historic day for our franchise, and for the City of Detroit,” said Gores in a news release. “We’re moving to a beautiful new arena that will provide a state-of-the-art fan experience, and we’re investing in the future of Detroit.”

He says he’s always believed that a sports franchise is a community asset with the power to unite and inspire people.

“Detroit is rising, reinventing itself. The Pistons are doing the same. We’re in this together, and we couldn’t be more excited about that,” said Gores.

Christopher Ilitch described the announcement as a watershed moment for the city, region and state.

“This is a bold move that will have a positive effect throughout our entire community,” said Ilitch.

Duggan praised the move as more evidence of the city’s continued turnaround.

“This is further proof of Detroit’s resurgence and we look forward to welcoming the Pistons in their new home,” said Duggan.

The new arena is scheduled to open in September 2017.

It means the Pistons and the Detroit Red Wings will be playing under one roof, just blocks from the Detroit Tigers’ Comerica Park, and Ford Field, home to the Detroit Lions.

Detroit will be the only North American city to have each of the four major professional sports leagues housed within four blocks in its urban core.