Featured image credit: 76 Place
Mayor of Philadelphia Cherelle Parker has shared more details around the city’s deal to build a new arena for the NBA’s Philadelphia 76ers, with 11 ordinances having been submitted for the council to vote on.
These 11 ordinances must be approved by a majority of the council for the arena plans to move forward.
Last week, Parker backed plans for a new Sixers arena, dubbed 76 Place, in the city despite objections from locals in Chinatown. The backing is set to secure the Sixers’ future in Philadelphia amid interest in the team from the nearby states of New Jersey and Delaware.
Full details of the arena deal have now been published, with Parker reiterating that the partnership represents the best sports facility agreement in the history of Philadelphia. It will ensure the Sixers will continue playing in the city until at least 2061.
The Sixers are financing the circa $1.3bn (£969m/€1.2bn) project with no funds from the city. The arena project is set to create over 1,000 construction and operations jobs and is paired with a “historic” economic opportunity plan to ensure employment and contracting opportunities benefit individuals and businesses that are reflective of the community at large.
A $50m community benefits agreement will seek to support nearby communities and make citywide investments in education and economic opportunity. The CBA investments will help jumpstart a broader, city-led focus on Chinatown, where some locals have expressed opposition to the Sixers’ plans.
An agreement document released by the city states that 76 Place will generate over $700m in new tax revenues for the city and school district. The document also said that 76 Place represents an “unprecedented” opportunity to unlock redevelopment on Market East.
The structure of the transaction will see the Sixers purchase the 1,000-block portion of the Fashion District and the former Greyhound bus depot. It is anticipated that demolition work will start in 2026, with construction work on the arena beginning in 2028 ahead of its planned opening in the autumn of 2031.
The Sixers will make an average annual payment of $6m over the course of 30 years, with the money to be put towards opportunities for local businesses and residents.
Last month, the City of Philadelphia publicly released four reports commissioned to study the Sixers’ proposed arena project. The delivery of the reports, eight months later than originally intended, came with the team having claimed that legislation on the scheme needed to be introduced in early September in order for the 18,500-seat arena to open on time.
Parker’s announcement last week came after the New Jersey Economic Development Authority (NJEDA) stepped up its campaign to attract the Sixers to the city of Camden by setting out how a new arena could appear for the franchise.
A multi-million-dollar mixed-use development scheme had been earmarked by the NJEDA, but the Sixers now appear set to remain in Philadelphia.
The Sixers currently play at Wells Fargo Center, which is owned by Comcast Spectacor. The team’s lease at the facility is due to expire in 2031.
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