The Philadelpha 76ers announced they are planning to build a new arena in Philadelphia’s Center City located on a piece of its Fashion District. The project will be funded privately and run by the newly created 76 Devcorp.
“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,” Sixers owner Josh Harris said in a statement.
The total cost of the new arena is expected to be around $1.3 billion with the expectation that it will produce $1.9 billion in “overall economic output” and $400 million a year to help Philadelphia’s “economic growth and stability.”
The Sixers and Flyers currently play in the Wells Fargo Center, an arena that first opened in 1996 and is located in south Philadelphia. According to Harris’s plan, this new arena would move the Sixers north, closer to the center of the city.
Harris named David Adelman, the CEO of Campus Apartments, Co-Founder of FS Investments and Founder of Darco Capital, as the leader of this new arena. Adelman said the team decided on the new location after deliberation for over two years.
“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,” he said.
