Comcast Corp. is expanding in a big way in Philadelphia. 

The communications giant's headquarters will expand into a new $1.2 billion, 59-story innovation and technology center at 1800 Arch St. while keeping its existing skyscraper as well.

Bill Hankowsky of Liberty Property Trust, which will co-own the building with Comcast, said it will be the tallest building in Philadelphia.

"The building will contain 1.28 million square feet of office space, a 200-room Four Seasons hotel, meeting rooms, restaurants, TV studios and the extended SEPTA concourse," he said.

Suburban Station will be extended as part of the massive construction project. 

Comcast will relocate some employees from other buildings in the region and create new jobs in Philadelphia, said CEO Brian Roberts.

"I think we are sort of unique in our business in being in an urban location like Philadelphia, which we are so happy and proud to call home," Roberts said Wednesday. "When we built the Comcast Center, we thought it could be a vertical campus, but I never -- and my dad had never thought -- we've already outgrown this amazing home."

The project is expected to be complete in 2017.  The state is kicking in $30 million and the city will contribute $10 million for infrastructure costs.  The building's owners expect to receive a 10-year tax break for new construction.

The tiny William Penn statue atop the existing Comcast building will be moved to the new building in an effort to keep Philly sports teams successful.