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Mayor Cherelle Parker said that her administration supports the development of a new arena for the Philadelphia 76ers in Center City after she held a meeting regarding the team’s proposal Wednesday afternoon.

In a post on X, formerly known as Twitter, she said her administration has reached an agreement with the team “that will ensure that our Sixers are staying home.”

She added that she will be sending a legislative package to city council for approval in order to get the development started.

“This is an historic agreement. It is the best financial deal ever entered into by a Philadelphia mayor for a local sports arena,” Parker said. “And I whole-heartedly believe it is the right deal for the people of Philadelphia.”

In a statement, a Sixers spokesperson said the team is “grateful” to the Parker administration, and that it looks “forward to advancing to the next steps with City Council.”

Parker’s decision comes a week after she presided over a lively community meeting packed with opponents and supporters of the arena proposal. The mayor did not take a public stance during the meeting.

The Sixers have proposed building a new arena called “76 Place” between 10th and 11th streets in the city’s Market East neighborhood, which would replace roughly one-third of the struggling Fashion District mall.

The 18,500-seat facility would have ground floor retail shops and host not only sporting events, but also live performances and community gatherings.

The plan now has a $1.55 billion price tag after the organization added a 20-story residential tower to their plans last year. The Sixers are offering a $50 million community benefits agreement in return.

While initially billing the project as completely privately funded, the Philadelphia Inquirer reported earlier this month that the organization wants retroactive subsidies, if the Comcast Spectacor’s South Philly Sports Complex and other similar projects get economic incentives.

The proposal has seen pushback from the nearby Chinatown community, where activists and local residents have said the arena and development of the area would have a detrimental effect on the neighborhood’s historic culture and identity.

City Councilmember Mark Squilla, whose district includes the proposed site at 10th and Market Streets, had said he would introduce enabling legislation on behalf of the administration — if Parker supported the project.

Squilla has vowed to share any legislation with the public at least 30 days before introduction. He was not immediately available for comment.

The arena has the backing of the Philadelphia Building and Construction Trades Council, an influential consortium of more than 50 labor unions that showed up to support the arena proposal at a meeting earlier this month. Supporters also say that the development will help revitalize a struggling section of Center City.