Developer to construct stadium complex in South Philadelphia
12/17/2011 | Real Estate Blog
According to the Philadelphia Inquirer, Baltimore-based Cordish Cos. will soon be engaging in a stadium-area development project in South Philadelphia by the name of Philly LIVE! on Pattison Ave. Plans for the restaurant-entertainment district were presented at the stadium complex on Thursday.
The development plan is intended to draw in business and keep Philadelphia on competitive footing with other cities, who are also looking into similar stadium development projects.
Sources said the development project will include dozens of restaurants, stages for live bands, and a sports-viewing venue which is hoped to rival an ESPN Zone. The Marketplace, another aspect of the project, will be one of six anchor venues.
Plans for the project began apparently grew out of Baltimore’s Inner Harbor and its accompanying facilities. The Philadelphia project, it is hoped, will draw in business connected to conventions and tourism.
Like other Cornish projects, the stadium development plan will involve a partnership between the company and Comcast-Spectator. On some previous projects, local or state governments have also been partners.
One of Cordish’s previous projects, The Walk in Atlantic City, has been hailed as success, and recently added its fourth expansion. As sources noted, that project has added a broader visitor base to Atlantic City’s previous offerings. It is hoped that Cordish’s South Philadelphia project will do something similar for the city’s already existing stadium complex.
According to the developers, the project will receive no public subsidy and will pay full taxes.
Source: philly.com, “Philadelphia’s old Spectrum site to be entertainment-restaurant district,” Suzette Parmley, December 15, 2011.