It is worth a reported US$1.3 Billion and will be called ’76 Place’. It is to be built in Philadelphia’s Center City and will not break ground for several years.
The announcement came from Josh Harris and David Blitzer. They also announced the creation of a new development company named 76 Devcorp. The company will be responsible for building the arena and is led by David Adelman in partnership with Harris Blitzer Sports Entertainment (HSBE).
“We’re excited for the opportunity to build the future home of the 76ers in Center City,” said David Blitzer, 76ers Co-Managing Partner. “I look forward to working with David Adelman and his team to develop and build an impactful arena for our fans, our players, and the City of Philadelphia.”
The new arena will serve as an anchor point for Center City and will be built on a portion of what is currently Fashion District Philadelphia.
In a statement, Josh Harris said, “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.”
“David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most.”
Adelman also commented, “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.”
“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.”
The site for 76 Place was chosen for being the most transit-rich location in the area. The development will involve the owning entities of Fashion District Philadelphia, Macerich.
“At Macerich, we are constantly enhancing our properties to bring greater value to our shareholders, retailers, and communities,” said Tom O’Hern, CEO of Macerich.
“The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company. We are committed to working collaboratively with 76 Devcorp to bring to life the vision of this iconic development that will ensure Philadelphia’s vibrancy for generations to come.”
David Gould, the 76ers’ Chief Diversity and Impact Officer also said, “Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, Philadelphia, and the surrounding communities.”
“We look forward to listening to and working with the local community, including local organizations, businesses, and residents, especially in Chinatown and Washington Square West, to develop a Community Benefits Agreement that results in long-term positive impact.”
The development should be completed in time for the 2031-2032 NBA season.