In under a decade, the Philadelphia 76ers plan to place elsewhere.
No, the Sixers are not moving out of Philly, the city it has called home since 1964; rather, it wants to move into a new arena in Center City.
The National Basketball Association (NBA) team announced July 21 that it intends to complete development of a new venue called "76 Place" by the start of the 2031-32 NBA season after the Sixers' lease ends at Wells Fargo Center, its home since 1996.
The new, privately funded arena will cost approximately $1.3 billion, the team said in a press release, and "groundbreaking for the proposed project is not expected for several years."
The Sixers added that 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."
David Adelman, the CEO of Campus Apartments, will lead "76 Devcorp," a development company dedicated to creating the new arena. In addition, he will work with Harris Blitzer Sports & Entertainment (HBSE), which owns the Sixers and the National Hockey League's New Jersey Devils.
Josh Harris, managing partner of the NBA team, and co-managing partner David Blitzer. are HBSE co-founders.
"The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in [its] community," Harris noted. "That's why we're committed to building a world-class home in the heart of the city and creating an arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility.
"David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most."
Adelman was picked to lead the development project because of his globally acclaimed accomplishments in real estate development in Philadelphia and nationwide, as well as his dedication to philanthropy and investments in local startups.
76 Place to Be Built in Fashion District
HBSE and 76 Devcorp are pursuing the purpose-built sports and entertainment arena that will be located on a portion of the current site of Fashion District Philadelphia and serve as an anchor to Center City.
"The Philadelphia 76ers' extensive evaluation of potential sites for an arena over the past two years culminates with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team," Adelman announced. "The chosen location is a key step in the process of developing a destination that provides Center City and surrounding communities with an economic engine generating activity through 76ers' and youth games, concerts, events and more."
He added that 76 Devcorp carefully evaluated several potential sites before deciding Fashion District Philadelphia was its preferred location for 76 Place.
According to NBC Sports Philadelphia, the Fashion District was chosen primarily because it is one of the most transit-rich locations in the city. Additionally, its existing commercial space can be easily redeveloped, and play a role in the continued revitalization of Center City.
An earlier proposal two years ago by the Sixers to build a new arena at Penn's Landing was turned down by the Delaware River Waterfront Corporation.
Sixers Want to Help Revitalize Neighborhood
The team also noted that it plans to have a "robust community engagement process" and partner with Mosaic Development Partners, a Black-owned, Philadelphia-based real estate company with a mission of helping to "revitalize neighborhoods and marginalized communities."
"Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, for Philadelphia and for the surrounding communities," explained David Gould, the Sixers' chief diversity and impact officer. "We look forward to listening to and working with the local community, including local organizations, businesses and residents, especially in Chinatown and Washington Square West, to develop a Community Benefits Agreement that results in long-term positive impact."
Adelman added, "Quite simply put, there is no better place to build an arena in Philadelphia than in Center City, with its robust public transit infrastructure and existing dynamic businesses eager to serve fans and visitors alike. 76 Devcorp is inspired by many successful sports and entertainment arenas built in dense urban centers that promote integration with the surrounding communities. We're dedicated to making sure this development is a win for our fans and Philadelphia at large."
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