New Jersey has stepped up its courtship of the Philadelphia 76ers by setting out details to the NBA franchise’s owners of land that could be used to house a new arena.
Details of the proposal were included in a letter reported by ROI-NJ from Tim Sullivan, CEO of the New Jersey Economic Development Authority, to Tad Brown, CEO of the Sixers’ parent company, HBSE.
A multi-billion-dollar mixed-use development scheme, that would include a new arena, has been earmarked for state-owned land in Camden on the site of a former prison adjacent to the Delaware River and north of the Ben Franklin Bridge.
ROI-NJ notes the project would be self-financed by HBSE, but would be eligible for two Aspire tax credits worth up to $400m (£304.5m/€361.8m) each. In addition, Governor Phil Murphy’s Office is said to be seeking to work with the Legislature to enable up to $500m of special-purpose bonds supported by fees and surcharges on tickets, concessions and parking to support the development of an arena.
“We envision a multibillion-dollar, privately-led comprehensive mixed-use development north of the Ben Franklin Bridge that would serve as a transformative catalyst for Camden and New Jersey,” Sullivan writes in the letter. “Anchored by a world-class arena, we believe that this project will enable development of significant residential, commercial and retail offerings within the city of Camden.”
A spokesperson for the Sixers said the team will give the state’s proposal a “serious” look. “We have worked tirelessly for the past five years to build an arena in Philadelphia and negotiations remain ongoing with city leadership regarding our proposal at Market East,” the spokesperson said.
“The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season. As a result, we must take all potential options seriously, including this one.”
The Sixers are focused on delivering a new arena in Philadelphia, but with local government approval yet to be secured, the team has been courted by the Governors of New Jersey and Delaware, Murphy and John Carney, for potential moves to Camden and Wilmington, respectively. The Sixers moved their corporate headquarters and training facility to Camden in 2016.
Camden and New Jersey’s proposal is also said to come with two key plus points. The letter stated that the potential parcels of land could be acquired at little cost, while they are also believed to be shovel-ready. The state has also recently pledged $300m to renovate Walter Rand Transportation Center in downtown Camden, which could aid transportation challenges for a new arena.
The latest news comes after the City of Philadelphia last week publicly released four reports commissioned to study the Sixers’ proposed $1.55bn arena project. The delivery of the reports, eight months later than originally intended, came with the team having claimed that legislation on the scheme needs to be introduced in early September in order for the 18,500-seat arena to open on time.
The Sixers first announced plans to build a new arena in July 2022, with 76 DevCo set up to oversee the project. The arena, which will be privately funded, has been given the provisional name of 76 Place and would form part of the Fashion District Philadelphia.
It is hoped the arena will be completed in time for the 2031-32 NBA season. The original timeline for the project foresaw that construction would not begin until 2028, after the necessary approvals, design process and demolition work is carried out.
In June 2023, the Sixers revealed new renderings of 76 Place courtesy of Gensler and CBL Real Estate. The arena’s capacity of 18,500 would be slightly less than Wells Fargo Center, the team’s current home, which holds 20,478 fans.
The Sixers share Wells Fargo Center with NHL ice hockey franchise the Philadelphia Flyers. The arena is owned by Comcast Spectacor and the Sixers’ lease at the facility is due to expire in 2031.
