Philadelphia (CBS) — The Sixers announced plans to build a new arena in the heart of downtown Thursday. The Sixers property posted a photo of the potential arena on its website:
They call it “76 Place at Market East”.
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“What a great day for Philadelphia to announce a $1.3 billion privately funded plaza in the heart of the city, to come out of the pandemic and sort of revitalize downtown and give it a shot at arm at a transit stop there,” said David Adelman, the plaza’s chairman and investor. The new, “We will not be better.”
It is important to note that nothing is final. This is just a suggestion from the team.
They say they want to place the “privately funded” plaza in the Fashion District, where the old Gallery Mall used to be, on Market Street from 10th to 11th Streets. The circuit is expected to cost approximately $1.3 billion. According to the statement, the arena will provide $1.9 billion in gross economic output during 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 rink. The Sixers had plans to build one in Penn’s Landing, but the city rejected the idea.
Sixers owners, Josh Harris and David Blitzer, have announced the creation of a development company called “76 Devcorp” responsible for developing the team’s future home. According to a statement, the company will be led by Adelman.
“Philadelphia 76ers is a Philadelphia storied 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 connections within the local community through investments that prioritize equality, inclusion, and accessibility,” Harris said in a statement. “David Adelman shares our vision to ensure the new arena is a solid force in the local community, creating well-paying jobs and economic opportunity for those who need it most.”
The city released a statement to news of the Hexagrams 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 benefits the city and its residents in a fair and sustainable manner. It was exciting to hear Fashion District Philadelphia’s proposal as we believe it is an ideal location for a world-class sports and entertainment arena. .FDP provides our community with a rich transit site and a wonderful opportunity to revitalize the city center, ensuring its vitality for future generations.We look forward to the development company, led by Philadelphian David Adelman, that leads a process of thoughtful engagement, in collaboration with the community, that leads to the best offering – a proposal our entire city can support him.”
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According to a release, 76 Devcorp evaluated several potential locations before selecting Fashion District as its preferred location. They say they chose the site due to its being the richest transit site in all of Philadelphia, the ability to redevelop an existing commercial space, and the opportunity to play a role in the ongoing revitalization of the city center.
According to the statement, the laying of the foundation stone for the project is not expected for several years. If the proposal is implemented, 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 at The Center expires in 2031.
Wells Fargo Center is undergoing a $300 million renovation in hopes of preserving the Sixers.
A Wells Fargo Center official released a statement regarding the Sixers’ proposal.
“We have had a fantastic partnership with the Sixers for decades and look forward to hosting the team at this world-class facility until at least 2031,” the official said in the statement. “We have invested hundreds of millions along with the City, Phillies and Eagles to make the South Philadelphia Stadium District a great destination for sports, entertainment and our passionate fans. We believe it rivals any nation in the country and will continue to draw out the best in action – the 2026 World Cup is an excellent example.”
For more information on the proposal, click here.
CBS3’s Howard Munro contributed to this report.
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