Philadelphia 76ers outline plans to construct $1.3 billion new arena in City Center which could be ready by 2031

On Thursday, the Philadelphia 76ers revealed their plans to construct a brand-new arena in Philadelphia’s Center City on a portion of the neighbourhood’s Fashion District. The project will be privately funded and managed by the recently established 76 Devcorp.

Image Credits – NBA

“What a terrific day for Philadelphia to unveil a $1.3 billion privately funded arena in the middle of the city, recovering from the epidemic and providing downtown a boost at a transit-oriented station right there”, David Adelman, chairman, and investor in the new stadium said.

The Philadelphia 76ers are a well-known Philadelphia institution with a track record of giving back to the neighbourhood. Because of this, the Sixers’ owner Josh Harris said in a statement, “We’re committed to constructing a world-class home in the heart of the City and building a privately-funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity, and accessibility.”

What a terrific day for Philadelphia to unveil a $1.3 billion privately funded arena in the middle of the city, recovering from the epidemic and providing downtown a boost at a transit-oriented station right there, David Adelman, chairman, and investor in the new stadium said.

What is the proposal for the Philadelphia 76ers side? 

It’s crucial to emphasize that nothing is definitive. This is only the team’s suggestion. They claim they plan to build the “privately funded” arena on Market Street between 10th and 11th Streets in the Fashion District, where the former Gallery Mall existed.

In order to support Philadelphia’s long-term economic growth and sustainability, the arena would generate $1.9 billion in total economic activity during construction and $400 million yearly once it opens.

It is well known that Harris-Blitzer Entertainment, the company that owns the Sixers and a number of other professional sports teams, desires to build its own arena. The city rejected the Sixers’ intentions to construct one near Penn’s Landing.

Josh Harris and David Blitzer, the owners of the Sixers, have announced the formation of a development firm dubbed “76 Devcorp” that would be in charge of building the team’s future home. According to a press statement, Adelman will serve as the company’s CEO.

Image Credits – BillyArena

Reactions to the announcement were conflicting. The prospect of a brand-new arena attracted a few people. Others foresee possible problems. Several factors, including traffic, inadequate infrastructure, and criminality, worry many fans. Before it opens, we have a little over ten years.

Ideally, this could be improved better before then to make it workable. In a perfect scenario, this might be a windfall for the city, bringing in more commerce while pressuring it to deal with crime and upgrading the public transportation system. But there are legitimate worries about constructing this arena.

 

More NBA news: 

Follow our NBA page for more key NBA updates and news