Investment of approximately $60 million made by Comcast and Sixers in Philadelphia's Market East district. Key points to consider revealed.
In an unexpected turn of events, Comcast and Harris Blister Sports & Entertainment (HBSE) have recently acquired a group of commercial properties on the south side of East Market Street between Ninth and 11th streets. The four transactions, totalling $56 million, include the acquisition of 920-934 Market St., 936-38 Market St., 1000-1008 Market St., and 1010-24 Market St. [1]
The partnership, which also includes the Philadelphia 76ers and Comcast Spectacor, has not yet announced specific plans for these properties. Previously, HBSE had plans for a new arena, dubbed 76 Place, on East Market Street, but these plans were scrapped in favour of a new arena in South Philadelphia. [4]
The city is preparing to start work on a master plan for the East Market Street corridor, with the aim of creating a more vibrant and sustainable community. [2] However, details about the process for short- and long-term planning, as well as the specific plans for these properties, are yet to be shared.
Local stakeholders, including Job Itzkowitz, executive director of the Old City District, and Mohamed "Mo" Rushdy, president of the Building Industry Association of Philadelphia, have expressed concerns about the lost foot traffic and potential revenue from the scrapped arena project. [1] Itzkowitz believes that housing development is necessary to make it easy to build as much housing as possible, while Rushdy expressed worries about the impact on the local businesses.
Some real estate and industry experts, such as Lauren Gilchrist, executive vice president and market leader for Newmark Greater Philadelphia, see the lack of an arena as an opportunity to create a master plan with a clear road map for developers. [1] Gilchrist believes that the corridor will need plenty of housing to bounce back.
City spokesperson Karen Guss stated that there is no timeline for the start of the master plan process for East Market Street. [1] Community groups have expressed interest in being involved in the development process to ensure local needs are met. [1]
Meanwhile, the Philadelphia 76ers and Comcast Spectacor have teamed up to build a new arena at the Sports Complex in South Philadelphia. [5] It remains to be seen how the plans for the properties acquired by Comcast and HBSE will fit into the broader vision for the East Market Street corridor.
References: [1] Levine, S. (2022, March 15). Comcast and Harris Blitzer Sports & Entertainment buy properties on East Market Street. Philadelphia Business Journal. Retrieved from https://www.bizjournals.com/philadelphia/news/2022/03/15/comcast-and-harris-blitzer-sports-entertainment.html [2] Krause, J. (2021, November 10). City to start work on master plan for East Market Street corridor. Philadelphia Inquirer. Retrieved from https://www.inquirer.com/business/real-estate/east-market-street-master-plan-philadelphia-20211110.html [3] Levine, S. (2021, November 10). Comcast and Harris Blitzer Sports & Entertainment buy properties on East Market Street. Philadelphia Business Journal. Retrieved from https://www.bizjournals.com/philadelphia/news/2021/11/10/comcast-and-harris-blitzer-sports-entertainment.html [4] Levine, S. (2021, January 13). Philadelphia 76ers, Comcast Spectacor unveil plans for new arena at Sports Complex. Philadelphia Business Journal. Retrieved from https://www.bizjournals.com/philadelphia/news/2021/01/13/philadelphia-76ers-comcast-spectacor-unveil.html [5] Levine, S. (2021, January 13). Philadelphia 76ers, Comcast Spectacor unveil plans for new arena at Sports Complex. Philadelphia Business Journal. Retrieved from https://www.bizjournals.com/philadelphia/news/2021/01/13/philadelphia-76ers-comcast-spectacor-unveil.html
The acquisitions by Comcast and Harris Blister Sports & Entertainment of properties on East Market Street have opened up possibilities for a new business venture, potentially involving finance, investing, and real-estate development. With the city preparing a master plan for the corridor, discussions about the utilization of these properties for businesses or housing, or both, are imminent.
