They didn't have any renderings in the article but this is good to hear. This is why competition is great. The 76ers are moving and Comcast Spectactor realized they needed to make their product better.
Comcast Spectacor presents massive mixed-use development plan for South Philadelphia Sports Complex
https://www.bizjournals.com/philadel...ment-plan.html
Comcast Spectacor has presented plans in recent weeks for a massive mixed-use development at the South Philadelphia Sports Complex, the latest effort to maximize the land where sprawling parking lots sit.
The proposal comes as the Comcast Spectacor-owned Wells Fargo Center risks losing the Philadelphia 76ers as a major tenant and searches for additional ways to keep the team at the sports complex.
The master plan calls for 500,000 square feet of office space, 460,000 square feet of retail, a 5,500-seat concert venue, 2,000 multifamily residential units and 500 rooms across multiple hotels, according to materials from the presentation with a neighborhood group reviewed by the Business Journal. The development also calls for 10,000 garage parking spaces.
Renderings viewed by the Business Journal show the new development taking up a portion of the 22,000 parking spots sitting adjacent to the Wells Fargo Center, Citizens Bank Park and Lincoln Financial Field.
Comcast Spectacor, owner of the Wells Fargo Center and the Philadelphia Flyers, has a contract with the city to lease the 47 acres around the Wells Fargo Center and serve as the master developer of the land off Broad Street, Interstate 95 and the Walt Whitman Bridge.
The master plan — elements of which have been previously floated — would be the latest step to expand and add new development at the sports complex. In 2012, Comcast Spectacor partnered with the Cordish Cos. of Baltimore to open Xfinity Live!, the dining and entertainment hub on the site where the Spectrum previous stood. Nearby, Cordish opened the 12-story, 208-room Live! Casino & Hotel Philadelphia in 2021.
Comcast Spectacor shared its vision for the mixed-use development at a Jan. 23 meeting with the Sports Complex Special Services District, a neighborhood organization funded by Comcast Spectacor, the Philadelphia Eagles and Philadelphia Phillies, the operators of the complex’s three sports venues.
Comcast Spectacor, a subsidiary of Philadelphia-based Comcast Corp. (NASDAQ: CMCSA), declined to comment. Shawn Jalosinski, executive director of the Sports Complex Special Services District, also declined to comment.
Then-Spectacor Sports and Entertainment CEO Valerie Camillo told the Sports Business Journal last March that a master plan for the complex would be released in a few months and some or all of the new development would open by 2026 when Philadelphia hosts six FIFA World Cup games at Lincoln Financial Field and the MLB All-Star Game at Citizens Bank Park.
Camillo, who stepped down from Comcast Spectacor in June, said the new development would likely include retail, restaurants, bars and an enterv
While the plans are being shared with neighbors, Comcast Spectacor is at risk of losing the Philadelphia 76ers as a major tenant at the Wells Fargo Center. The Sixers’ lease at the Wells Fargo Center expires in 2031 and the NBA team has said it plans to move out at that time. The Sixers have proposed a privately funded $1.55 billion arena in Center City at the site of the Fashion District Mall on Market Street between 10th and 11th streets.
The proposed arena requires approval from the city, which has commissioned independent studies to evaluate the arena’s potential impacts. The proposal has received harsh pushback from neighbors, especially the adjacent Chinatown neighborhood, for concerns about traffic, parking, gentrification and displacement.
This past fall, Comcast Spectacor was putting the finishing touches on its $400 million renovation of the 28-year-old Wells Fargo Center.
Comcast Spectacor CEO Daniel Hilferty told the Business Journal last summer "the door is open" for joint ownership of the Wells Fargo Center with the Sixers. That offer serves as Comcast Spectacor's response to the Sixers' desire to own their own arena, but the Sixers are adamant they want full control and not a 50-50 split.
The Sixers and Comcast Spectacor have exchanged public jabs at each other over the arena topic as the tug of war plays out between the two entities.
XFinity Live!
In 2019, Comcast Spectacor and Cordish had plans to develop an $80 million, 200,000-square-foot office building with 20,000 square feet of retail adjacent to Xfinity Live! but plans never materialized.
The same year, Comcast Spectacor proposed a $50 million, 3,500-seat esports venue that was later shifted to become a slightly larger multi-use venue hosting concerts and comedy shows. There's a "sweet spot" for that kind of 5,000 to 6,000-seat entertainment venue at the sports complex, Hilferty told the Business Journal last summer. Hilferty also mentioned the possibility of a hotel and apartments nearby.
Hilferty, the former CEO of Independence Health Group, said last summer that these developments wouldn’t happen soon, but added, “we see it not only as a dream, but as a real possibility, a distinct possibility. We're committed to getting it done.”