January 22, 2008

Comcast-Spectacor Forms Partnership with The Cordish Company to Create Philly Live! in South Philadelphia

NEW RETAIL AND ENTERTAINMENT DISTRICT PLANNED FOR SOUTH PHILADELPHIA SPORTS COMPLEX

(Philadelphia, PA – January 22, 2008) – Comcast-Spectacor, the Philadelphia-based sports and entertainment firm, in a new and exciting partnership with world-renowned developers The Cordish Company, today unveiled plans to develop Philly Live!, a destination retail, dining and entertainment district in the area adjacent to the Wachovia Center in South Philadelphia, PA.

Philly Live! will serve as a regional destination that will feature a variety of year-round attractions in a vibrant mainstreet setting and will energize the South Philadelphia area surrounding the sports complex.

“Philadelphia has the best sports fans and the best sports facilities in the country,” said Comcast-Spectacor Chairman Ed Snider. “Our vision when we built the Wachovia Center was to create the ultimate sports destination.  Philly Live! is the dining and retail entertainment component of that vision.  And, Philly Live! will not be limited to the sports and entertainment goers. This property will be open to everyone, every day, whether they are attending an event or not.”

“The Cordish Company has an outstanding reputation for creating some of the most popular entertainment districts in the US,” said Comcast-Spectacor President Peter Luukko. “Philadelphia residents are already familiar with South Philadelphia as the destination for sports and entertainment and through this new partnership we intend to create the ultimate entertainment experience this City so vibrantly needs.”

Philly Live! will transform the South Philadelphia sports complex into a thriving entertainment destination.  The District will feature a distinctive canopy covering the center plaza area of the development and will offer visitors a unique mix of culinary, retail and entertainment experiences for which Cordish has won national awards.  One possible development option also includes a 300 room hotel. 

“Comcast-Spectacor represents a unique opportunity for The Cordish Company to team with a phenomenal partner to create a completely unique, world-class district in one of the great cities in the world,” stated David Cordish, Chairman, The Cordish Company. “We are tremendously excited to bring Philly Live! to the Greater Philadelphia Region.”