"This could be a positive development for Philadelphia. When it gets built it will have a positive effect on Philadelphia," Jonathon Stavin, first vice president of CB Richard Ellis, tells GlobeSt.com. "Comcast-Spectacor certainly has the experience and money to make the site profitable."

The Fliers and 76ers spent nearly 30 years at Spectrum, and then moved to the close by Wachovia Center in 1996. The minor league hockey team the Phantoms and the indoor soccer team the Kixx currently play home games at the arena, but will need to find new places to play after 2009.

Calls to Comcast-Spectacor were not returned by deadline, but a release declared the decision had not yet been made whether the arena will be imploded or demolished by other means. Comcast-Spectacor revealed plans to create a new complex for retail and entertainment called Philly Live! in the Spectrum space, however further details were not provided. This project could include a hotel, restaurant, bars and retail stores.