“HBSE and Comcast will also immediately focus on Market East, bringing together government officials and local stakeholders to develop a variety of options to revitalize a vital neighborhood in Center City where the 76ers had originally proposed locating the arena,” the release read.

The decision is rooted in a deal struck with Comcast Spectacor, which hopes to transform the South Philly sports complex over the next decade.

A new arena for the Sixers and Flyers is coming to South Philadelphia in a 50/50 partnership with Comcast Spectacor and Harris Blitzer Sports & Entertainment.