The 76ers are Building a new $1.3 Billion Arena in Center City
The 76ers are moving up Broad Street. The Philadelphia 76ers are set to get a new $1.3 billion home in Center City. The arena, which will be located from 10th – 11th Streets and Market – Cuthbert Streets, is expected to be completed by 2031. This will mean that the Fashion District which currently occupies the space will be torn down.
Team’s managing partners, Josh Harris and David Blitzer put put out a release announcing the development of the new home of the 76ers. “The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community. That’s why we’re committed to building a world-class home in the heart of the City and creating a privately-funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility,” Managing Partner Josh Harris said. He goes on to add “David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most.”
The project will be spearheaded by Philadelphia businessman David Adelman as well as Harris Blitzer’s Sports Entertainment. In addition the project will look to secure the private funds for the soon to be, “76 Place.”
“The Philadelphia 76ers’ extensive evaluation of potential sites for an arena over the past two years culminates today with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team,” Adelman states. “The chosen location is a key step in the process of developing a destination that provides Center City and surrounding communities with an economic engine generating activity through 76ers and youth games, concerts, events and more.”
The Sixers do plan to engage with the community to ” ensure community interests help support the plan for the proposed development that fits with the surrounding communities.”
“Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, Philadelphia and the surrounding communities,” stated David Gould, the 76ers Chief Diversity and Impact Officer. “We look forward to listening to and working with the local community, including local organizations, businesses and residents, especially in Chinatown and Washington Square West, to develop a Community Benefits Agreement that results in long-term positive impact.”
In the release, the planners believe that the new arena will generate $400 million annually to support the city’s long-term economic growth.
“Quite simply put, there is no better place to build an arena in Philadelphia than in Center City, with its robust public transit infrastructure and existing dynamic businesses eager to serve fans and visitors alike. 76 Devcorp is inspired by many successful sports and entertainment arenas built in dense urban centers that promote integration with the surrounding communities. We’re dedicated to making sure this development is a win for our fans and Philadelphia at large,” Adelman adds.
