Comcast Spectacor recently unveiled plans for a major mixed-use development at the South Philadelphia Sports Complex, writes Paul Schwedelson for the Philadelphia Business Journal.

The move is the latest effort to maximize the use of the land that currently serves as sprawling parking lots. This comes as the Wells Fargo Center, which is owned by Comcast Spectacor, stands at risk of losing the Philadelphia 76ers as its major tenant. The development is one of the improvements Comcast Spectacor is hoping will help keep the team at the sports complex.

The master plan envisions 500,000 square feet of office space and 460,000 square feet of retail, along with a 5,500-seat concert venue, 2,000 multifamily residential units, and several hotels. Ten thousand garage parking spaces are also included in the plans.

The new development would take up a part of the 22,000 parking spots that are adjacent to the Wells Fargo Center, Citizens Bank Park, and Lincoln Financial Field.

Comcast Spectacor has a contract with Philadelphia to lease the 47 acres that surround the Wells Fargo Center and to serve as the master developer for the site.

Read more about Comcast Spectacor and its latest efforts to maximize the South Philadelphia Sports Complex at the Philadelphia Business Journal.

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