Mayor Michael A. Nutter, along with Peter Luukko, President of Comcast-Spectacor, and Reed Cordish, Vice President of The Cordish Companies, highlighted the ongoing construction at Philly Live!, a new entertainment, retail and dining development on the former site of the Spectrum. Phase One of the construction will employ 500 construction workers and will create approximately 400 permanent positions. Philly Live! is scheduled to open in Spring 2012.
“Philly Live! is a great example of a new development that directly provides jobs for Philadelphia’s residents and provides construction opportunities for minority contractors,” said Mayor Nutter. “This exciting new district will enhance every aspect of the experience at the Stadium Complex, will itself be a regional draw, and will provide hundreds of permanent jobs in its multiple entertainment and dining facilities. I am excited for this progress and look forward to the opening next Spring.”
Phase One of Philly Live! is estimated to have a $59.1 million financial impact on the Greater Philadelphia regional economy, and it will create a new entertainment facility in the stadium complex. Additionally, the project has a strong economic opportunity plan, which is on track to provide 25 percent to 30 percent of its construction contracts to minority business enterprises. The construction workforce is targeted to include 50 percent local residents. Philly Live! is also committed to achieving 50 percent local residents, 30 percent minorities and 40 percent women in its permanent workforce.
“Philly Live! will be the ultimate entertainment and dining district for families of all ages whether they are attending an event at the Sports Complex or just looking for a terrific dining experience,” said Comcast-Spectacor President Peter Luukko. “Philly Live! will energize the Sports Complex and create lasting jobs for the Greater Philadelphia Region.”
“We are so excited to bring Philly Live! to Philadelphia with our partner Comcast-Spectacor. We promised Mayor Nutter that Philly Live! would not only be a great compliment to the existing stadiums but will also be a world-class attraction for Philadelphia and that is what we are looking forward to delivering,” said Cordish Companies Vice President, Reed Cordish. “We are confident that it will become the ‘go-to’ gathering place for residents, sports fans and visitors alike and we look forward to continuing our investment in the City of Philadelphia.”
Throughout the month of September, Mayor Nutter is holding a number of events highlighting ongoing job creation and retention throughout the city. These announcements are intended to communicate and build on the successes of the City’s “Smart City. Smart Choice.” economic development strategy. Also, the Mayor seeks to use this month to encourage business owners themselves to tell their peers why Philadelphia is a smart choice for their businesses. To this end, the Mayor is inviting companies to participate in the City’s new video contest. More information can be found at www.phila.gov/smartchoice.
The Cordish Companies
The Cordish Companies (www.cordish.com), now in its fourth generation of family ownership, is an international conglomerate of businesses including one of the leading gaming, entertainment and real estate development companies in the United States. The company has diverse development expertise with divisions focused on Entertainment & Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle Retail, Office and Residential. The Cordish Companies also owns and manages a diverse group of operating businesses, ranging from gaming, restaurants/clubs to live music promotion and film/media distribution. The company values itself on the quality of its operations, its long-term relationships, and high level of integrity in all of its endeavors.
The Cordish Companies has received many national awards in its various areas of expertise. In real estate, The Cordish Companies has received an unprecedented seven Urban Land Institute Awards of Excellence.