July 02, 2025
Provided image/Gensler
Harris Blitzer Sports & Entertainment, which owns the Sixers, and Comcast Corp. have purchased the former Rite Aid building at 10th and Market streets. It sits across the street from where the 76ers sought to build a new Center City arena, depicted in the rendering above.
The 76ers ownership group and Comcast Corp. reportedly have purchased the former Rite Aid building at 10th and Market streets — across the street from where the Sixers sought to build a Center City arena until scrapping the proposal earlier this year.
Harris Blitzer Sports & Entertainment, which owns the Sixers, and Comcast purchased the property Monday for $15 million, according to the Philadelphia Business Journal. The plans for the property have not been disclosed.
In January, the Sixers abruptly backed out of controversial plans to build a new arena on the Market East corridor after reaching a deal with Comcast Spectacor to build an arena in South Philly for the Flyers and 76ers.
At the time, the companies pledged to jointly invest in the future of the Market East corridor, saying they would work with government officials and local stakeholders to develop a variety of options to improve it.
The sale of the former Rite Aid building came about a week after community groups met to discuss their vision for the corridor's future, hoping for more local involvement.
The building has been mostly vacant since Rite Aid closed its store there in 2022. According to Philadelphia's Office of Property Assessment, the property's lots — 1000 to 1008 Market St. — includes about 26,000 square feet of space and has a combined value of around $7 million.
A representative with the 76ers confirmed the purchase of the building, but declined to comment further at this time.
Some community groups expressed skepticism, including the Asian Pacific Islander Political Alliance and Save Chinatown Philly. They have advocated for stronger collaborations between developers and residents and businesses in Chinatown and along Market East.
"We're hopeful that the billionaires behind this project have learned from the last few years and that this time, they're ready to do things differently," the community groups said Tuesday in a joint statement. "We're ready to engage — and we're looking forward to working together to make this a win for all of Philly, not just billionaire developers."
At the community meeting, held June 23 at the Center for Architecture and Design Philadelphia, advocacy groups and residents discussed their ideas for the future of Market East. Among their core principles: creating compelling and inviting spaces, developing affordable housing and prioritizing green spaces.
In May, Brandywine Realty Trust CEO Jerry Sweeney, who was tapped by Mayor Cherelle Parker to lead the Market East redevelopment initiative, said a public-private partnership was in the works to "address some of the voids" in the corridor.
