Four months after the Philadelphia 76ers scrapped plans for a Market Street arena, the City of Philadelphia is expected to announce a public-private partnership within the next month to help guide the future of the struggling Market East corridor.

The previously proposed $1.3 billion arena between 10th and 11th streets—backed by Parker and the City Council – was viewed by many in the business community as a potential spark for broader investment. The Sixers also planned 720 apartments and 54,000 square feet of retail across the street as part of the project.

With the arena dead and Macy’s recently closing its store at the nearby Wanamaker building, the corridor’s future remains uncertain. Still, both the Sixers and Comcast Spectacor, now focused on a new arena in South Philadelphia, say they remain committed to Market East’s redevelopment—even without an arena.

*Article courtesy of Philadelphia Business Journal

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