Mayor Cherelle Parker has announced that an agreement has been reached to bring an arena for the Philadelphia 76ers to Center City.

On social media on Wednesday afternoon, Parker announced that an arena would indeed be built for the Philadelphia 76ers in Center City.

"As your Mayor, I'm speaking from my City Hall office with a very important announcement. I am proud to share that I have made my decision, and an agreement has been reached to ensure that our Sixers are staying home," Parker wrote on social media.

While she did not outline the exact terms of the agreement, Parker promised that it would bring "hundreds and hundreds" of jobs to Center City.

Also, she noted, that her office would be "transmitting the related legislative package to our City Council of Philadelphia for its consideration where it must be approved."

Through this agreement, Parker said the plan would bring more than $1.3 billion of private investment and will mean "hundreds of millions" in new tax revenue.

"It represents an unprecedented revival of Market Street," she said.

Also, Parker took a moment to direct a comment toward the residents of the city's Chinatown neighborhood -- many of whom have opposed the arena plan -- to say that she wants the agreement to help the "rich and vibrant" community thrive.

"I wholeheartedly believe this is the right deal for the People of Philadelphia. To the People of Chinatown, please know that I hear you. We have the best Chinatown in the United States, and I am committed to working together to support it. I'll have a lot more to say in a formal presentation coming soon," Parker said on social media.

Shortly after Parker announced that an agreement had been made, in a statement, the 76ers said they were "grateful" for the mayor's work.

“We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal and look forward to advancing to the next steps with City Council," the 76ers said in a statement.

Dan Hilferty, chairman and CEO of Comcast Spectacor said, in a statement, that regardless of the outcome of Harris Blitzer Sports & Entertainment's -- the company that owns the 76ers -- negotiations, the team was always welcome to remain in South Philadelphia.

“Regardless of the outcome of the City’s negotiations with HBSE, our door will always be open for the 76ers to join us in South Philadelphia if they ever conclude that is what is best for their team," Hilferty said in a statement. "Alongside the Phillies, we are creating the dynamic and accessible destination for sports and entertainment that will create thousands of jobs, amplify our City, and create numerous community benefits. Either way, we always want what is best for Philadelphia.”

However, following the mayor's announcement, a statement from the Save Chinatown Coalition argued that the "fight is far from over."

“Mayor Parker still hasn’t met with Chinatown after all this time, yet feels she can have a stance on whether our community should live or die. This was never about one person, and this fight is far from over. We are going to fight this, and we are going to the mat. It’s on," said Debbie Wei, who was described as a longtime Chinatown community member and member of the Save Chinatown Coalition.