Phillies Join in $2.5 Billion Redevelopment Plan for Philadelphia Sports Complex

[Dead2009]

https://www.msn.com/en-us/money/comp...c0c57a5fc&ei=5

The Phillies have completed an agreement with Comcast Spectacor on a planned $2.5 billion mixed-use development in the south Philadelphia sports complex, marking a sizable boost in the Flyers parent’s plan to dramatically remake the area.

The MLB club will join with the company on a project that seeks to revamp the area around Wells Fargo Center, Citizens Bank Park, and Lincoln Financial Field. An initial phase of the project will include a concert venue seating about 5,500, a hotel, retail shops, an outdoor plaza, and upgrades to the existing Xfinity Live! dining and entertainment destination.

A subsequent phase calls for the development of a “Phillies Plaza” adjacent to Citizens Bank Park, as well as a second hotel, residential units, additional retail, office space, and restaurants.

Late last month, Comcast Spectacor announced its broad vision for the sports complex development plan. But the addition of the Phillies provides a boost in the emerging effort, and shows a large-scale business collaboration between neighboring pro teams in different leagues that is somewhat rare in the industry. It also attempts to elevate the ongoing argument of Comcast Spectacor that the 76ers should stay in south Philadelphia. The company has opposed the 76ers’ separate effort to eventually depart Wells Fargo Center and develop their own downtown Philadelphia arena.

“John Middleton and the Phillies share a big and bold dream for what the future could look like for Philadelphia,” said Dan Hilferty, Comcast Spectacor chairman and CEO, referencing the club owner.

Financial terms were not disclosed. But the development partnership also adds to an existing relationship the Phillies have with regional sports network NBC Sports Philadelphia, a sister Comcast-owned entity to Comcast Spectacor.

Comcast Spectacor is also still in talks regarding the project with the Eagles, the other major tenant of the sports complex.