The 76ers' stunning reversal on their plans for a Center City basketball arena is another blow for East Market Street, one of downtown Philadelphia’s most beleaguered commercial corridors. Just three days before the 76ers news leaked,

After years of planning and ongoing debate, the planners behind the proposal to bring a Sixers arena to Center City Philadelphia have backtracked on the project. Instead, the team will stay in South Philly.

Monday, the Sixers revealed more about the agreement, which includes a 50-50 joint venture to build a new, "world-class, state-of-the-art arena in the South Philadelphia Spots Complex that will be the new home of the Philadelphia 76ers and Philadelphia Flyers," in a press release.