Flyers, 76ers to build new arena in South Philadelphia

The Philadelphia 76ers and Flyers plan to build a new arena for the teams to share in the already existing South Philadelphia Sports Complex that also houses the Eagles and Phillies.

The Sixers' ownership group, Harris Blitzer Sports & Entertainment, and the Flyers' parent company, Comcast Spectacor, announced the 50-50 joint venture Monday. They're targeting 2031 for the opening, but the project could be completed sooner.

Both the Flyers and 76ers currently occupy the Wells Fargo Center in the aforementioned complex, which also features Citizens Bank Park and Lincoln Financial Field.

Comcast Spectacor owns the Wells Fargo Center and rents it to the Sixers. The Flyers' owners will hold the naming rights to the new arena.

The NBA club initially planned to build a different, $1.3-billion arena called "76 Place" in the Center City neighborhood of downtown Philadelphia, but those plans fell through Sunday. Philadelphia City Council voted to approve the Center City project on Dec. 19 after years of debate about the proposal.

The two ownership groups will aim to support the area of the city which will no longer host their new facility.

"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 76ers said in a statement Monday.

The Wells Fargo Center was built in 1996 and has been home to both teams ever since.