The Philadelphia 76ers have confirmed that they will remain in the city until at least 2061. The team has plans to build a new, state-of-the-art arena in Center City. This arena, called “76Place,” will seat 18,500 fans and will be the team’s home for many years to come. Along with the new arena, there are plans to add more housing and retail space in the area, making it a significant development project. The cost of this project is estimated to be $1.3 billion, and importantly, no city money will be used to fund it.
Mayor Lays Out the Project Plans
Philadelphia Mayor Cherelle Parker presented the details of the massive project. The first phase includes an apartment building with 395 units on the north side of the arena, and about 20% of these units will be affordable housing. In addition to this, developers will add more housing on the south side of the arena, with 380 units and 28,000 square feet of space for stores. The project will begin in 2027, and by the time the second phase starts in 2031, they will construct an additional 340 residential units and more retail space. The new arena itself should be ready by 2031.
Mayor Parker to Detail Philadelphia’s Agreement With 76ers on New Arena – VIDEO
Who’s Behind the Project?
Harris Blitzer Sports & Entertainment (HBSE) owns the 76ers, as well as the New Jersey Devils, and operates other large venues like the Prudential Center in Newark, New Jersey. HBSE has partnered with 76 DevCo, a group that includes the 76ers’ managing partners Josh Harris and David Blitzer, along with Philadelphia billionaire David Adelman. They are working with Mosaic Development Partners, a local real estate company, to make this vision a reality.
Demolition and Promises to the Community
For this new development, part of the Fashion District mall in Center City will be demolished to make space for the arena and the surrounding buildings. The developers have promised to give $50 million to help support various projects and initiatives in Philadelphia. Another project, led by the Goldenberg Group, will add a hotel with 400 to 600 rooms to the area. Mayor Parker believes this is the best financial deal the city has ever made. She assured people that the project would not take down any buildings in Philadelphia’s Chinatown district. Although some residents of Chinatown remain concerned about the long-term effects on traffic and emergency services.
Controversy and Concerns
While the new arena is expected to create around 9,100 jobs and bring in $1.5 billion in tax revenue over the next 30 years, not everyone is in favor of it. The Philadelphia City Council will have the final say on whether the project goes ahead. Before they make their decision, the mayor’s office will hold town hall meetings to gather input from the public. Some studies suggest the project could end up costing the city up to $1 billion in lost tax revenue and hurt small businesses in the area. Large construction projects like these often spark debate. On one hand, they bring jobs and money into the city, but they can also disrupt during the years it takes to build and may not always provide the benefits the city hopes for. One bright spot in this plan, though, is that the city won’t be responsible for paying for the construction.
