(The Center Square) – Philadelphia Mayor Cherelle Parker announced Wednesday that her office has reached a deal with the Philadelphia 76ers for a new arena.

Parker made the announcement without giving details of the project at 76 Place at Market East, expected to cost between $1.3 billion and $1.9 billion for the arena alone.

Parker said the deal would include $3.5 billion in private investment and cited numbers from an economic impact report soundly debunked by economists who have studied the tax and economic benefits of arenas across the country.

“It is the best financial deal ever entered into by a Philadelphia mayor for a local sports arena,” Parker said.

Parker said that details of the deal will come soon as she prepares to propose legislation to the Philadelphia City Council about the project and host public meetings on the deal.

In her announcement, Parker acknowledged strong opposition to the plan from the Save Chinatown Coalition, saying “I see you. I listened to you.”

“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,” Chinatown resident and Save Chinatown member Debbie Wei said. “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.”

Parker’s announcement comes following a proposal and renderings of an arena site in nearby Camden, New Jersey being released.

Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies.

This article was republished with permission from The Center Square.