Comcast Spectacor revealed its $2.5 billion for the South Philadelphia Sports Complex, the Philadelphia Business Journal reported.
The mixed-use hub is set to be developed in a couple of phases.
The 47-acre first phase of the proposal includes $12 million in upgrades for the Xfinity Live! entertainment hub, a 5,500-seat concert venue, a 250- to 300-key hotel and 300,000 square feet of retail space. Comcast already has the development rights for this phase of the project.
The project’s second phase has been described in more tentative terms because Comcast doesn’t own the development rights required yet, with more city and local approvals ahead. That phase would include 500,000 square feet of office space, 2,000 multifamily units, another 250-key hotel, 160,000 more square feet of retail space and 10,000 parking spots.
One of the biggest questions surrounding the development is how it will be impacted by the exit of the Philadelphia 76ers, which appear poised to leave the Wells Fargo Center when its lease expires in 2031. The president of the arena — which is in the midst of a $400 million renovation — said the development does not rely on the Sixers staying in place.
The multibillion dollar plan is inspired by similar developments that have combined a sports venue with a neighborhood-type project, such as The Battery at the Braves’ Truist Park in Atlanta and Titletown around the Packers’ Lambeau Field in Green Bay.
Cordish Companies is partnering with Comcast on the Xfinity Live! upgrades, but development partners are still needed for the larger phases of the project. The plan is privately funded, but infrastructure improvements may be needed, which would likely rope in the state.
Construction on the concert venue is expected to begin next year. The project’s first phase is anticipated to be completed in 2028.
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