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Comcast Spectacor and Harris Blitzer Sports & Entertainment announced Monday that they will build a new arena at the sports complex in South Philadelphia.
The facility, a 50-50 joint venture, will be the new home of the Philadelphia 76ers and Flyers and is expected to open by 2031.
“This is a great day for Philadelphia and the fans of our storied sports franchises,” said Brian L. Roberts, Chairman and CEO, Comcast Corporation, in a statement. “We are grateful to Mayor Parker and Governor Shapiro for their leadership and are thrilled to work together to develop the premier sports and entertainment destination in the nation that will benefit the region for decades to come.”
The stunning news comes a day after City Council President Kenyatta Johnson told his colleagues the Sixers would be staying at the sports complex instead of building a new arena in Center City near Chinatown.
Less than a month ago, lawmakers voted 12-5 to authorize the $1.3 billion development. The contentious decision followed a string of daylong hearings, hours of closed-door negotiations and hundreds of protests, rallies and press conferences organized by arena opponents.
The mayor, whose administration spent months touting the controversial project, signed those bills into law just before Christmas. Greenlighting the arena was a defining moment of her first year in office.
Under the agreement, Comcast and the Sixers will jointly pursue a WNBA team to play in the new arena. Philadelphia has not ever had a WNBA franchise.
The arena is considered a complement to an ambitious redevelopment plan Comcast announced in February. With help from other investors, the company hopes to spend the next decade transforming the sports complex into a year-round destination for work and play.
The $2.5 billion master plan calls for new retail and restaurants, a music venue and a hotel. If the full plan is realized, it will also bring office buildings and new residential housing to the area.