“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 new arena will also be the home of the Philadelphia Flyers, and will host touring acts and special events.

The deal comes just weeks after a grueling legislative battle in which the Sixers convinced City Council to give it the green light to move to Center City.

Plans to build an arena for the Sixers in Center City have fallen through, and the team plans to stay in South Philadelphia, sources close to the negotiations say.

Chinatown is claiming victory after the Philadelphia 76ers abruptly abandoned their plans for a brand-new arena in Market East.

In Chinatown and South Philadelphia, restaurateurs seem cautiously pleased with the news that the Sixers have scuttled their plan to build an arena in Chinatown and now intend to construct a new complex in South Philly.

South Philly residents are sounding off after the Philadelphia 76ers announced they are abandoning the $1.3 billion plans to create an arena in Center City, moving the Sixers into a new arena in South Philly.

Less than two weeks into the new year, the Sixers delivered "a curveball that none of us saw coming," Mayor Cherelle Parker said at a press conference Monday. Why it matters: The team's new deal with Comcast Spectacor to build a South Philadelphia arena and entertainment complex shakes up plans to redevelop Market East,