The Miami Heat will unveil a bronze statue of franchise legend Dwyane Wade outside the Kaseya Center later this year, the team announced Sunday night.

Miami held a ceremony to commemorate Wade's enshrinement in the Basketball Hall of Fame last year during halftime of the Heat's 104-87 win over the Charlotte Hornets. During the ceremony, team president Pat Riley announced the news.

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"When we retired his jersey in February 2020, I said Dwyane was the face of this franchise forever and I meant it," Riley said in a statement. "Dwyane's legacy is a towering one not only for the Miami Heat but for Miami-Wade county. I can't think of a better way to honor him than by memorializing that legacy."

The Heat will use sculptors Omri Amrany and Oscar Leon to create the statue. Amrany also worked on statues of Michael Jordan, Shaquille O'Neal, Dirk Nowitzki and Kareem Abdul-Jabbar. The unveiling will take place in fall of 2024.

Wade, who retired after the 2018-19 season, holds several franchise records with Miami -- including points, assists, steals, games and minutes played. His 16-year career in the NBA included 15 with the Heat, three championships and a Finals MVP in 2006.

"I was born and raised in Chicago, but this is where I grew up," Wade said during the ceremony. "From 21 years old 'til 37, I grew up here. A lot of the fan base, they grew up with me. ... There's no love like Miami love, and every time I come back here I feel that."

The Heat will also retire Udonis Haslem's No. 40 jersey during their next home game Friday against the Brooklyn Nets.

The Associated Press contributed to this story.