PHILADELPHIA (CBS) — The Sixers have announced plans to possibly build a brand new arena in the heart of Center City on Thursday. Sixers’ ownership posted a picture of the potential arena on their website:
They call it “76 Place at Market East.”
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It’s important to point out, that there is nothing final. This is just a proposal from the team.
They say they want to put the “privately funded” arena in the Fashion District, where the old Gallery Mall was located, in the area near 9th and Market Streets. The arena is anticipated to cost roughly $1.3 billion. According to a release, the arena would provide $1.9 billion in overall economic output during construction and $400 million annually upon opening to support Philadelphia’s long-term economic growth and sustainability.
It’s no secret that Harris-Blitzer Entertainment, which owns the Sixers and several other professional sports teams, wants its own arena.
Sixers owners, Josh Harris and David Blitzer, announced the creation of a development company called “76 Devcorp” responsible for developing the future home of the team. The company will be led by Philadelphia business leader David Adelman, according to a release.
“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,” Harris said in a release. “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.”
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According to a release, 76 Devcorp evaluated numerous potential sites before determining the Fashion District as its preferred location. They say they selected the site due to it being the most transit-rich location in all of Philadelphia, the ability to redevelop commercial an existing commercial space, and the opportunity to play a role in the continued revitalization of Center City.
Ground-breaking for the project is not expected for several years, according to a release. If the proposal were to go through, the Sixers say the development will be completed in time for the 2031-32 NBA season.
The Sixers lease the Wells Fargo Center, where they have played since it opened in 1996. The lease at The Center ends in 2031.
A Wells Fargo Center official released a statement in regards to the proposal from the Sixers.
“We’ve had a terrific partnership with the Sixers for decades and look forward to hosting the team in this world-class facility until at least 2031,” the official said in the statement. “We’ve invested hundreds of millions alongside the City, Phillies, and Eagles to make the South Philadelphia Stadium District an incredible destination for sports, entertainment and our passionate fans. We think it rivals any in the nation and will continue to draw the best events — the 2026 FIFA World Cup is a perfect example.”
For more info about the proposal, click here.
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Stay with CBSPhilly.com for updates on this developing story.