After the Sixers arena pivot
The mayor’s initiative comes less than a year after the Philadelphia 76ers announced they were abandoning their plan to build a basketball arena on East Market Street and would instead be teaming up with Comcast to erect a new facility at the stadium complex.
The stunning decision was a setback for the administration’s plans for revitalizing Market East. In the arena, backers saw an anchor they believed would be a catalyst for economic development in the area. Without it, some experts said the future of the corridor was suddenly far less certain.
“Developers look to develop in areas where there is life and a commercial corridor that is viable. Currently, Market East is not a viable corridor. It needed that boost,” said Mohamed Rushdy, then-president of the Building Industry Association of Philadelphia.
Others were more optimistic, especially considering a renewed commitment from the Sixers and Comcast to help revive Market East.
“This just changes some of the tone of the conversation with investors, but it doesn’t necessarily make it any worse,” said Lauren Gilchrist, executive vice president and market leader for the real estate company Newmark Greater Philadelphia.
She argues that without the arena, the city has a clean slate to create a master plan that offers developers a clear road map.
And yet developers and real estate experts appear to agree that any master plan for Market East will likely require substantial public subsidies or tax incentives to bring about noteworthy change along the corridor.
Parker has acknowledged that need and has already started mulling possible solutions at the local, state and federal levels.
“Every state legislator who represents this region, they are waiting to see the results of what this collaboration process yields,” Parker said. “Our governor, he’s committed to the city of Philadelphia and Market East. Those are good signs.”
The 1000 block of Market Street in Philadelphia. (Kimberly Paynter/WHYY)
Early projects
In the meantime, change is already in the works along Market Street.
Over the summer, Comcast and Sixers owner Harris Blitzer Sports & Entertainment purchased a group of mid-rise commercial properties on the south side of the street between Ninth and 11th streets.
The duo now jointly owns 920-938 Market St. and 1000-1024 Market St.
For now, there are no details about what the companies plan to do with the properties. But the partnership is preparing to demolish 1000-1024 Market St. The work, which includes the former Robinson department store, is expected to start by the end of this year and wrap up by the summer.
“The demolition of these vacant storefronts improves the streetscape and will give us the ability to work with community partners to activate the site ahead of groundbreaking,” said Sixers spokesperson Jacklin Rhoades in a statement. “We are committed to working with the city to help jump start the revitalization of Market East and this is the next step in that process.”
The team has said the lots could be used for pop-up events next summer when the city will host the FIFA World Cup and celebrate the nation’s 250th anniversary, according to The Philadelphia Inquirer.
The Greyhound bus station at 10th and Filbert streets, shuttered three years ago as the arena plans moved forward, is expected to reopen around the same time.
The Philadelphia Parking Authority plans to rent the property and reopen it by next May after spending about $1 million to renovate the facility, which operated for decades until Greyhound vacated the building in June 2023 as part of a cost-cutting effort.
Most recently, riders have been boarding buses on Spring Garden Street near Front Street.
The 900 block of Market Street in Philadelphia. (Kimberly Paynter/WHYY)