Today's announcement is great news for the City of Philadelphia," NBA Commissioner Adam Silver said in a joint statement. The new arena signifies a significant development for the city and sports community.
By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia.
The ownership group has abandoned plans for a $1.3 billion arena downtown, which highlights the commitment to the revitalization of Market East instead.
The new arena in South Philly will also host touring acts and special events, expanding the entertainment options available in the region.
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