PHILADELPHIA (KYW Newsradio) — The planned state-of-the-art Sixers and Flyers arena may make us all winners. An economic expert said it could generate a $1 billion boost.
It’s an ambitious project with lofty projections: the Sixers and Flyers plan to build an arena inspired by the Spectrum, which they said will be ready in 2030. The franchises said it will create around 15,000 jobs and generate $6 billion in revenue over the next decade.
John Boyd, principal of economic development advisory firm The Boyd Company, said it’s a big deal that the teams are funding the project privately.
“This is a big vote of confidence in Philadelphia’s sports, business, and tourism economy,” Boyd said.
Boyd feels there’s one money-making aspect of the endeavor that not enough people are focusing on: Naming rights.
The arena would have to top the 20-year, $700 million deal crypto.com inked to rename the Staples Center in Los Angeles.
Boyd also said it behooves the franchises to meet its self-imposed 2030 deadline, not just so the building can be there for the arrival of the new WNBA team, but also so phase 2 fan experience projects can start.
“Increasingly, around the country, we’re seeing franchises really prioritize high-density, mixed-use development around the stadiums. I think you can expect that type of development after this phase 1,” Boyd added.
The teams said there would be a half-acre fan plaza with restaurants and entertainment around the arena.
