PHILADELPHIA (KYW Newsradio) — The Sixers announced Thursday morning plans to build a new 18,000-seat 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 and the opportunity to redevelop an existing commercial space.
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.
Sixers CEO Tad Brown stands by the arena being privately funded.
"All I can say is we're not looking for any subsidies," he noted. "This is something that we've learned and we understand what's important. We know the city has been going through a tough time."
Officials estimate the arena will provide $1.9 billion in overall economic output during construction and $400 million annually once open.
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"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."
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Macerich, the company that operates the Fashion District, said it is on board. In a statement, CEO Tom O'Hern 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 the 2031-32 season — when the Sixers' lease ends at the Wells Fargo Center.
In a statement, Comcast Spectacor said:
City spokesperson Kevin Lessard added in a statement:
On the transit front, SEPTA spokesperson Andrew Busch said the transit agency embraces the arena idea, and it will make the necessary changes over the next nine years.
"We think we can work with some adjustments to schedules, hold late trains," he said. "SEPTA wants to be the preferred option for transportation to this arena, and we want to do everything that we can."
Busch said a Sixers arena would give the system a major boost, which has been hurting since the pandemic began. SEPTA ridership is currently at about 54% of pre-pandemic levels.
The 76 Devcorp group also said it will engage with the community — particularly, adjacent neighborhoods Chinatown and Washington Square West — to ensure their interests and concerns are considered and that the proposal is equitable for all.
"I'm not going into a community and creating massive change," Adelman said. "We're taking the existing footprint, about a third of the current mall site, and repurposing that into the arena."
A Phillies stadium was proposed in neighboring Chinatown years ago, which received a lot of backlash.
Officials say the proposed 76ers project would not start demolition until at least 2026 and construction by 2028.
