It will be called 76 Place at Market East. The team launched a website on Thursday at 76place.com that explains the proposal.
The team’s lease at Wells Fargo Center is up in 2031.
“The Wells Fargo Center is currently one of the oldest NBA arenas, and when our lease expires in 2031, it will be 35 years old. Considering that most arenas will only remain in operation for 30-40 years, it is not “The current position is favorable for our vision of building a franchise at the championship level for decades to come,” said the organizers.
“While we are grateful for the recent renovations made by Comcast Spectacor to enhance the fan experience, these are typical of venues that are 20 years old and will not extend the life of the building significantly.”
This location will be on Market Street between 10th and 11th street. They had to tear down a block of Fashion District Mall, formerly The Gallery, to make it happen.
The arena is being developed by 76 Devcorp, a partnership between 76ers’ managing partners Josh Harris and David Blitzer and real estate developer and investor David Adelman.
In addition, 76 Devcorp is partnering with Mosaic Development Partners, a Philadelphia-based real estate development company certified MBE (Minority Business Enterprise).
The developers say the idea is “inspired by the success of downtown arenas in other cities,” such as Madison Square Garden in New York City.
“Simply put, there is no better place to build an arena in Philadelphia than in Center City, with its robust public transportation infrastructure and existing dynamic businesses eager to serve both fans and visitors. 76 Devcorp is inspired by many successful sports. “and entertainment arenas built in dense urban centers that promote integration with the surrounding communities. We are dedicated to ensuring that this development is a victory for our fans and Philadelphia in general,” Adelman said in a press release.
The effort will be privately funded and is expected to cost $ 1.3 billion.
“We are not seeking any funding from the City of Philadelphia,” the developers said.
A message on the 76 Place website reads:
“76ers are ready to bring a new championship-caliber arena back to the heart of Philadelphia. 76 Place is proposed as the new home of the Philadelphia 76ers, where we will build a new arena that is privately funded and developed in partnership with We are committed to to work with local stakeholders to ensure that the project supports the surrounding neighborhoods and promotes economic opportunities, inclusion and accessibility. “
The 76s say the project would be a “major financial driver for the Philadelphians, creating jobs and contract opportunities during construction and after opening.”
According to the project team, the construction will create $ 1.9 billion in economic production and 9,000 jobs. The arena would provide $ 400 million in economic output annually and 1,000 jobs.
Construction is expected to begin in 2027, they say, with completion in time for the 2031-2032 NBA season.
The team behind the arena is calling for public input. They say an agreement on community benefits will be developed to “address societal issues and promote important neighborhood priorities.”
The developers say that Philadelphia was once home to two arenas – Wells Fargo Center and Spectrum – and are confident that the city can support two arenas again.
When it comes to parking issues, the developers say they envisage that this location will depend on public transportation. However, for those who wanted to drive to the games, they say that the arena will be within a radius of one kilometer radius of 29 parking garages.
The organizers say that this project will not eliminate any housing or displace existing residents. They say they are aware of how previous development work in Chinatown was counteracted.
“The team is aware of this effort and the threats they posed to the community, and that is why this project is being approached almost differently. We propose to replace one entertainment complex with another, and will not displace any residents of Chinatown,” the developers said. say.
“Our promise is to promote fair, community-driven revitalization through this project and ensure that the arena is a victory for fans, Philadelphia and the surrounding communities,” said David Gould, 76ers Chief Diversity and Impact Officer. “We look forward to listening to and collaborating with the local community, including local organizations, businesses and residents, especially in Chinatown and Washington Square West, to develop a community benefit that results in long-term positive impact.”
Their plan is to work with the owners of the fashion district to transform the remaining 2/3 of the mall as an entertainment center to complement the arena.
Comcast Spectacor issued this statement in response to the 76ers’ proposal:
“We’ve had a fantastic partnership with the Sixers for decades and look forward to hosting the team in this world – class facility until at least 2031. We have invested hundreds of millions with City, Phillies and Eagles to make the South Philadelphia Stadium The district is an incredible destination for sports, entertainment and our passionate fans, we believe it competes with everyone in the nation and will continue to draw the best events – the 2026 FIFA World Cup is a perfect example.
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