The ownership group of the Philadelphia 76ers and Comcast Spectacor on Monday announced plans to build a new arena in South Philadelphia that will open in 2031.

The announcement of the new arena, which will also be home to the NHL’s Philadelphia Flyers, comes a day after the 76ers abandoned plans for a $1.3 billion arena in downtown Philadelphia. This arena is a 50-50 joint venture between Harris Blitzer Sports & Entertainment and Comcast, which will have naming rights to the arena.

“Today’s announcement is great news for the City of Philadelphia,” NBA Commissioner Adam Silver said in a joint statement.

The venture also will include a 50-50 effort between HBSE and Comcast to invest in the revitalization of Market East in Center City, where the new arena was originally slated to be built.

Sunday’s decision was a surprise, coming weeks after the city council voted to approve the NBA team’s move to Center City. However, Chinatown residents and activists had protested the project.

“By committing to both investments, the partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia,” the joint statement reads.

The Sixers and Flyers currently play in the Wells Fargo Center, which is owned by Comcast Spectacor. Their lease expires in 2031.

The new arena in South Philly will also host touring acts and special events.