76ers to Build $1.3 Billion Privately Funded Arena in Philly’s Center City
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The Sixers announced on Thursday they are planning to build a new arena in Philadelphia’s Center City located on a piece of its Fashion District. The project will be funded privately and run by the newly created 76 Devcorp.
“The Philadelphia 76ers are a storied 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, inclusivity and accessibility,” Sixers owner Josh Harris said in a statement.
The total cost of the new arena is expected to be around $1.3 billion, with the expectation that it will produce $1.9 billion in “overall economic output” and $400 million a year to help Philadelphia’s “economic growth and stability.”
The Sixers and Flyers currently play in the Wells Fargo Center, an arena that first opened in 1996 and is located in south Philadelphia. According to Harris’s plan, this new arena would move the Sixers north, closer to the center of the city.
Harris named David Adelman, the CEO of Campus Apartments, Co-Founder of FS Investments and Founder of Darco Capital, as the leader of this new arena. Adelman said the team decided on the new location after deliberation for over two years.
“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 said.
Besides just building the new basketball arena, the Sixers hope to incorporate the surrounding community more once the building is up.
Adelman described why Center City is the right place for a new arena.
“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,” Adelman said.
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