PHILADELPHIA (CBS) — The Sixers announced plans to eventually build a brand new arena in the heart of Center City on Thursday. Sixers ownership 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 emphasize that there is nothing definitive. This is only a team proposal.
They say they want to put the “privately funded” arena in the Fashion District, where the old Gallery mall used to be, in the area near 9th and Market streets. The arena is expected to cost around $1.3 billion. According to a statement, the arena would 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.
It’s no secret that Harris-Blitzer Entertainment, owner of the Sixers and several other professional sports teams, wants its own arena.
Sixers owners Josh Harris and David Blitzer have announced the formation of a development company called ’76 Devcorp’ to develop the team’s future home. The company will be led by Philadelphia business leader David Adelman, according to a statement.
“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, l inclusiveness and accessibility,” Harris said in a statement. “David Adelman shares our vision to ensure the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunity for those who need it most.”
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The city released a statement upon the announcement 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 the development maximizes benefits for the city and its residents in an equitable and sustainable manner. It was exciting to hear about Fashion District Philadelphia’s proposal as we believe it is an ideal site for a world-class sports and entertainment arena. FDP provides our community with a transit-rich location and an incredible opportunity to revitalize downtown, ensuring its vibrancy for generations to come. We look forward to the development corporation, led by Philadelphia native David Adelman, leading a thoughtful engagement process, together with the community, that results in the best proposal – one that our entire city can support.
According to a statement, 76 Devcorp evaluated many potential sites before determining the Fashion District as its preferred location. They say they chose the site because it is the most transit-rich location in all of Philadelphia, the opportunity to redevelop existing retail space, and the opportunity to play a role in the ongoing revitalization of downtown. town.
The inauguration of the project is not expected for several years, according to a press release. Should the proposal go through, the Sixers say development will be completed in time for the 2031-32 NBA season.
The Sixers lease the Wells Fargo Center, where they have played since it opened in 1996. The Center’s lease ends in 2031.
A Wells Fargo Center official released a statement regarding the Sixers’ proposal.
“We’ve 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 alongside the city, the Phillies and the Eagles to make South Philadelphia’s Stadium District an incredible destination for sports, entertainment and our passionate fans. We believe it rivals any country and will continue to attract top events – the 2026 FIFA World Cup being a perfect example.
For more information on the proposal, click here.
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Stay with CBSPhilly.com for updates on this developing story.