PHILADELPHIA (CBS) — The Sixers have announced plans to build a brand new arena in the heart of Center City possibly Thursday. The Sixers property posted a photo 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 definitive. This is just a proposal from the team.
They say they want to place the “privately funded” arena in the Fashion District, where the old Gallery Mall was located, near 9th and Market Streets. The arena is expected to cost about $1.3 billion. According to one publication, the arena would generate $1.9 billion in total economic output during construction and $400 million per year upon opening to support Philadelphia’s long-term economic growth and sustainability.
It’s no secret that Harris-Blitzer Entertainment, owner of the Sixers and several other professional sports teams, wants an arena of its own.
The owners of Sixers, Josh Harris and David Blitzer, announced the creation of a development company called “76 Devcorp”, which is responsible for the development of the team’s future home. The company will be led by Philadelphia business executive David Adelman, according to a press release.
“The Philadelphia 76ers are a legendary 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, inclusiveness and accessibility,” Harris said in a press release. “David Adelman shares our vision to ensure that the new arena is an anchoring force in the local community, creating high-paying jobs and economic opportunities for those who need them most.”
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The city released a statement to news of 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 the development delivers equitable benefits to the city and its residents. and sustainable manner. It was exciting to hear the proposal for Fashion District Philadelphia as we believe it is an ideal venue for a world-class sports and entertainment arena. FDP provides our community with a transit-rich location and an incredible opportunity to revitalize Center City, ensuring its vibrancy for generations to come. We look forward to seeing the development company, led by native Philadelphian David Adelman, lead a thoughtful engagement process with the community that results in the best proposal — one that our entire city can support.”
According to a release, 76 Devcorp evaluated numerous potential locations before determining the Fashion District as the preferred location. They say they chose the location because it has the most transit-rich location in all of Philadelphia, the opportunity to redevelop commercial and existing commercial space, and the opportunity to play a role in Center City’s ongoing revitalization.
Groundbreaking for the project is not expected for a few 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 Center’s lease expires in 2031.
A Wells Fargo Center official released a statement regarding the Sixers’ proposal.
“We have had a great partnership with the Sixers for decades and look forward to welcoming the team to 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 think it can rival anyone in the country and will continue to draw the best events – the 2026 FIFA World Cup is a perfect example. ”
For more information about the proposal, click here.
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Stay tuned to CBSPhilly.com for updates on this evolving story.