Months after plans to build a new arena for the Philadelphia 76ers were abandoned, leaders in government and real estate are announcing a new plan to renew Market East.

Market East — the area along Market Street east of City Hall — has struggled in recent years. 

In its heyday, Market Street was a major retail hub fueled by its location as a major artery in the city. Over the past decades, its retail presence has declined and retailers have closed, including the Macy’s in the Wanamaker Building. 

An announcement from Mayor Cherelle Parker’s office says the “Reimagining Market East Initiative” is “a bold effort to transform this vital corridor into a world-class civic, commercial and entertainment destination, restoring its prominence as Philadelphia’s Main Street.”

Parker and executives from Brandywine Realty Trust and Comcast, IBEW Local 98 and others will speak in an 11 a.m. news conference about the initiative. CBS News Philadelphia will live stream this news conference in the player above and on our YouTube channel.

At the news conference, Parker will introduce members of the Market East Advisory Group, which will work on a plan for the corridor’s future.

Market East gained major attention in 2024 and 2025 amid talks to build a new arena for the Sixers atop the site of the shuttered Greyhound bus station on Filbert Street bordering Chinatown. The Sixers later agreed to stay in South Philadelphia and play in a new arena to be built in the Sports Complex, after several hearings and bills in City Council were met with opposition from Chinatown advocates but passed nonetheless.

At the time, sources told CBS News Philadelphia other plans unrelated to the Sixers were in the works for Market East. A representative for IBEW Local 98, the politically powerful local electricians’ union, said Comcast — a partner on the South Philly arena with the Sixers’ owner Harris Blitzer Sports & Entertainment — had committed to help revive the corridor.

This is a developing story and will be updated.