PHILADELPHIA (CBS) – The Sixers have announced plans to possibly build a brand new arena in the heart of Center City on Thursday. Sixers’ ownership posted a picture of the potential arena on their website:
They call it “76 Place at Market East.”
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It is important to point out that there is nothing final. This is just a suggestion from the team.
They say they want to place the “privately funded” arena in the fashion district, where the old Gallery Mall was located, in the area near 9th and Market Streets. The arena is expected to cost around $ 1.3 billion. According to a release, the arena will provide $ 1.9 billion in total economic output under construction and $ 400 million annually upon opening to support Philadelphia’s long-term economic growth and sustainability.
It’s no secret that Harris-Blitzer Entertainment, which owns the Sixers and several other professional sports teams, wants its own arena.
Sixers owners, Josh Harris and David Blitzer, announced the creation of a development company called “76 Devcorp” which is responsible for developing the team’s future home. The company will be led by Philadelphia’s business manager, David Adelman, according to a press release.
“The Philadelphia 76ers are a reputed Philadelphia institution with a proven track record of investing in their community. That’s why we are committed to building a world – class home in the heart of the city and creating a privately funded arena that strengthens community ties. through investments that prioritize equity, inclusion and accessibility, Harris said in a press release. “David Adelman shares our vision to ensure that the new arena is an anchor in the local community, creating well-paid jobs and financial opportunities for those who need them most. “
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The city issued a statement to the news about the Sixers’ proposal:
“We share the 76ers’ commitment to finding a long-term home in Philadelphia and look forward to working closely with them to ensure that development maximizes the benefits for the city and its residents in a fair and sustainable way. It was exciting to hear the proposal for the Fashion District. Philadelphia, considered an ideal venue for a world-class sports and entertainment arena, the FDP offers our community a transit-rich location and an incredible opportunity to revitalize Center City and secure its life for generations to come. led by Philadelphia native David Adelman, who leads a thoughtful engagement process, working with the community, resulting in the best proposal – one that our entire city can stand behind. “
According to a release, 76 Devcorp evaluated a number of potential sites before they determined the fashion district as their preferred location. They say they chose the site because it is the most transit-rich site in all of Philadelphia, the opportunity to redevelop an existing commercial area commercial, and the opportunity to play a role in the continued revitalization of Center City.
Pioneering for the project is not expected for several years, according to a release. If the proposal goes through, the Sixers say development will be completed in time for the 2031-32 NBA season.
The Sixers rent the Wells Fargo Center, where they have played since it opened in 1996. The lease on The Center expires in 2031.
An official at the Wells Fargo Center issued a statement regarding the Sixers’ proposal.
“We have 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,” the official said in the statement. “We have invested hundreds of millions with the City, Phillies and Eagles to make the South Philadelphia Stadium District an incredible destination for sports, entertainment and our passionate fans. We believe it competes with anyone in the nation and will continue to draw the best events. – The 2026 FIFA World Cup is a perfect example. “
For more information on the proposal, click here.
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