PHILADELPHIA - The Philadelphia 76ers are set to get a new home in Center City.
According to a press release, the team's managing partners, Josh Harris and David Blitzer, announced the creation of a new development company called 76 Devcorp, which will be responsible for developing "the future home of the Philadelphia 76ers."
The project will be led by Philadelphia business leader David Adelman and Harris Blitzer Sports Entertainment and will pursue the privately-funded sports and entertainment area called 76 Place.
"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," Managing Partner Josh Harris said. "David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most."
Adelman was selected to lead the project because of his accomplishments in real estate in Philadelphia and throughout the nation.
"The Philadelphia 76ers’ extensive evaluation of potential sites for an arena over the past two years culminates today with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team," Adelman said. "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."
The Philadelphia 76ers have announced plans to develop a privately-funded arena in Center City.
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The team says there is a plan for a community engagement process to ensure community interests help support the plan for the proposed development that fits with the surrounding communities.
Developers and the team hope the new arena will mutually benefit the Sixers and the Philadelphia community.
"Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, Philadelphia and the surrounding communities," David Gould, the 76ers Chief Diversity and Impact Officer, said. "We look forward to listening to and working with the local community, including local organizations, businesses and residents, especially in Chinatown and Washington Square West, to develop a Community Benefits Agreement that results in long-term positive impact."
The arena is expected to cost about $1.3 billion and is proposed to provide about $2 billion in economic output during construction.
Developers believe it will bring in $400 million annually and support the city's long-term economic growth.
"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.
The arena, which will be located from 10th - 11th Streets and Market - Cuthbert Streets, is expected to be completed by 2031.
More information about the project can be found here.