Sixers announce plans to explore building new downtown arena – CBS Philly

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”.

READ MORE: Man shot multiple times in Kensington store, Philadelphia police say

It is important to emphasize that there is nothing definitive. This is only a proposal from the team.

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.

READ MORE: Philadelphia Weather: Multi-Day Heat Wave Hits Region With Dangerous Heat and Humidity

“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.”

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 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.

NO MORE NEWS: Teacher arrested in connection with assault of autistic child at Galloway Township Children’s Academy

Stay with CBSPhilly.com for updates on this developing story.

Back To Top