It will be called 76 Place at Market East. The team launched a website Thursday at 76place.com Explanation of the proposal.
The team’s lease at Wells Fargo Center expires in 2031.
“The Wells Fargo Center is currently one of the oldest NBA arenas and by the time our lease expires in 2031, it will be 35 years old. Given that most arenas only remain in service for 30-40 years, the current site is not conducive to seeing To build a championship-level franchise for decades to come,” the organizers say.
“While we are grateful for the recent renovations by Comcast Spectacor to improve the fan experience, these are typical of 20-year-old arenas and will not significantly extend the life of the building.”
This location will be on Market Street between 10th and 11th Streets. They would have to demolish a block of the Fashion District Mall, formerly The Gallery, to make this happen.
The arena is being developed by 76 Devcorp, a partnership between 76ers managing partners Josh Harris and David Blitzer and real estate developer and investor David Adelman.
In addition, 76 Devcorp partners with Mosaic Development Partners, a Philadelphia-based real estate developer that is MBE (Minority Business Enterprise) certified.
The developers say the idea is “inspired by the success of downtown plazas in other cities,” such as Madison Square Garden in New York City.
“Quite simply, there is no better place to build an arena in Philadelphia than Center City, with a robust public transportation infrastructure and a dynamic existing business eager to serve fans and visitors alike. 76 Devcorp is inspired by the many successful sports and recreational arenas built in dense urban centers Fosters integration with surrounding communities. We are keen to make sure this development is a win for our fans and Philadelphia in a big way,” Adelman said in a press release.
These efforts will be funded by the private sector and are expected to cost $1.3 billion.
“We are not seeking any funding from the City of Philadelphia,” the developers say.
A message on the 76 Place website reads:
“The 76ers are ready to bring a new arena of championship caliber back into the heart of Philadelphia. The 76 venues are proposed as the new home for the Philadelphia 76ers, where we will build a new arena that will be privately funded and developed in collaboration with the community. We are committed to working with local stakeholders to ensure the project supports surrounding neighborhoods and enhances opportunities Economic, inclusiveness and accessibility”.
The 76ers say the project will be a “major economic driver for the city of Philadelphia, creating employment and contractual opportunities during construction and after opening.”
According to the project team, the construction will create $1.9 billion in economic output and 9,000 jobs. The arena will create $400 million in economic output annually and 1,000 jobs.
Construction is expected to begin in 2027, they say, with completion in time for the 2031-2032 NBA season.
The team behind the square is looking for public input. They say a community benefits agreement will be developed to “address community concerns and advance key neighborhood priorities.”
Developers say Philadelphia was once home to two arenas – Wells Fargo Center and Spectrum – and they are confident the city can support two arenas again.
As for parking questions, the developers say they envision this site will rely on public transportation. However, for those who drive to the games, they say the plaza will be within a mile radius of 29 parking garages.
Organizers say the project will not destroy any residential homes or displace existing residents. They say they are aware of the opposition to past development efforts in Chinatown.
“The team is aware of those efforts and the threats they posed to the community, which is why this project is treated differently. We are proposing to replace one entertainment complex with another, and no residents of Chinatown will be displaced,” the developers say.
“Our pledge is to promote equitable community-driven recovery through this project and to ensure the arena is a win-win for the fans, Philadelphia and surrounding communities,” said David Gold, the 76ers’ chief diversity and impact officer. “We look forward to listening to and working with the local community, including local organizations, businesses and residents, particularly in Chinatown and Washington Square West, to develop a community benefits agreement that leads to a positive long-term impact.”
Their plan is to work with the fashion district’s owners to reimagine the remaining two-thirds of the mall as an entertainment center that complements the plaza.
Comcast Spectacor issued this statement in response to the 76ers’ suggestion:
“We have had a wonderful partnership with the Sixers for decades and look forward to hosting the team at this world-class facility until at least 2031. We have invested hundreds of millions alongside the City, Phillies and Eagles to make the South Philadelphia Stadium District a great destination for sports, entertainment and our fans Enthusiasts. We believe it rivals anyone in the country and will continue to extract the best of the best – the 2026 FIFA World Cup is a good example.”
Copyright © 2022 WPVI-TV. All rights reserved.
“Thinker. Wannabe twitter lover. Entrepreneur. Food fan. Total communicator. Coffee specialist. Web evangelist. Travel fanatic. Gamer.”