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The Philadelphia 76ers announced a proposed plan to break ground on a “world-class home” for the 2031-32 NBA season. The privately-funded arena would cost $1.3 billion and sit on Market Street, located on a portion of the current site of Fashion District Philadelphia.
The new entertainment complex is being called 76 Place at Market East. The Sixers’ current lease at the Wells Fargo Center expires in 2031 and the team had been pursuing alternate areas to build a stadium. The franchise landed on Market Street since it is the “most transit-rich location in all of Philadelphia.”
The Sixers are creating a new development company called 76 Devcorp to oversee the project while partnering with Macerich, the operator of Fashion District Philadelphia. Sixers co-owners Josh Harris and David Blitzer are also teaming up with real estate developer David Adelman.
According to a press release, the arena will provide $1.9 billion in overall economic output during construction and $400 million annually upon opening to support Philadelphia’s long-term economic growth and sustainability. There are no calls for city funding, a selling point as the Sixers look to play a major role in the “continued revitalization” of downtown Philadelphia.
“The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community,” Harris said in a statement. “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.”
76 Devcorp will also collaborate with Mosaic Development Partners, a black-owned real estate development company with experience in affordable housing and inclusive communities. It furthers ownership’s $20 million commitment to address disparities created by systemic racism.
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Sixers Twitter Worried About Traffic, Parking
Philadelphians tend to have averse reactions to change. They don’t like it and usually rail against it. So it wasn’t shocking to see a very vocal majority of fans take to Twitter to complain about the Sixers’ stadium proposal. The brilliant idea — one that will create hundreds of jobs and billions of dollars in revenue over time, all while putting a vibrant spotlight on downtown Philly — was being mocked.
Where will people park their cars? Are they going to build more lots?
What about rush-hour traffic getting from the suburbs to the city?
Will there be upgrades to SEPTA and other public transportation?
The irony is that Philadelphia might be the only metropolis in the U.S. where a downtown arena isn’t the norm.
Mayor Jim Kenney Confirms No City Funding
Mayor Jim Kenney confirmed that the Sixers aren’t asking the city for a dime. That is generally how cities support the construction of new stadiums. Instead, they want a property tax reduction through 2035.
“It was exciting to hear the proposal for Fashion District Philadelphia as we believe it is an ideal site for a world class sports and entertainment arena,” Kenney said, via The Inquirer. “FDP offers our community a transit-rich location and an incredible opportunity to revitalize Center City, ensuring its vibrancy for generations to come.”
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