PHILADELPHIA (KYW Newsradio) — The Sixers announced Thursday morning plans to build a new arena in Center City, called 76 Place.
The Sixers organization is looking to have the $1.3 billion arena built on a portion of the Fashion District along Market Street.
Several different locations were considered over the last few years, but team officials say this location was best because of the access to mass transit.
To do all this, the Sixers started a development company called 76 Devcorp. Team officials say this arena would be privately funded and provide an economic jolt to Center City.
Officials estimate the arena will provide $1.9 billion in overall economic output during construction and $400 million annually once open.
“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,” said Philadelphia business leader David Adelman, chairman of 76 Devcorp. “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.”
Macerich, the company that operates the Fashion District, said it is on board. In a statement, CEO Tom O’Hearn called the proposal “a natural evolution of the site and a unique and once in a lifetime opportunity.”
The hope is to complete the arena by 2031 — when the Sixers’ lease ends at the Wells Fargo Center.
In a statement, Comcast Spectacor—owner of the Philadelphia Flyers and Wells Fargo Center—said, “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. 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.”
The city of Philadelphia also released a statement on Thursday, calling the Fashion District an "ideal site for a world class sports and entertainment arena."
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