PHILADELPHIA — Philadelphia’s mayor has revealed the terms of the deal negotiated with the city’s pro basketball team for a new $1.3 billion arena downtown.
The agreement reached earlier this month calls for the Philadelphia 76ers to finance the entire project, with no city funding involved. There is, however, a provision that would let the NBA team make annual payments in lieu of taxes averaging $6 million per year. The agreement also calls for a $50 million investment in businesses, neighboring communities and the city’s schools to blunt the project’s impact, Mayor Cherelle Parker said during a news conference Wednesday night.
“I truly am proud having made this decision and negotiated an agreement that will definitely ensure that our Sixers are staying home right here in Philadelphia, where they should be,” Parker said.
City officials also released drafts of the nine bills and two resolutions needed to authorize the project, including measures that allow the city to acquire the arena property and change zoning rules. Parker said her administration would hold a series of town halls in the coming months where residents could discuss concerns about the proposal.
Team owners say their planned “76 Place” project would improve a struggling retail corridor near City Hall and capitalize on the city’s public transit. They also have vowed not to renew the lease on their current space, a circa 1996 arena in the city’s South Philadelphia sports complex, when their lease runs out in 2031.
The proposal has drawn significant opposition from activists in the city’s Chinatown area, who fear it would disrupt or displace residents and businesses. They say the city has ignored concerns that the project will increase vehicle traffic in their pedestrian-friendly neighborhood and force vulnerable residents — older people, low-income families and new immigrants — to move out. Parker on Wednesday renewed her pledge to preserve the area, which is just over a block from the proposed arena site.
If ultimately approved by the City Council, demolition work in the area would begin in 2026 with construction starting two years later. Officials hope to open the arena in time for the 76ers’ 2031-32 season.
Philadelphia Mayor Jim Kenney has announced plans for a new arena for the city’s beloved basketball team, the Philadelphia 76ers. The new arena will be located in the downtown area, marking a significant development for both the team and the city.
The decision to build a new arena comes after years of discussions about the need for a modern and state-of-the-art facility for the 76ers. The team currently plays at the Wells Fargo Center, which has been their home since 1996. While the Wells Fargo Center has served the team well over the years, it is now considered outdated and in need of upgrades.
The new arena will provide the 76ers with a more modern and fan-friendly venue to play their home games. It will also help attract top talent to the team and enhance the overall fan experience. In addition, the new arena is expected to bring economic benefits to the downtown area, including increased foot traffic, job creation, and revenue from ticket sales and concessions.
Mayor Kenney has expressed his excitement about the new arena, stating that it will be a “game-changer” for both the 76ers and the city of Philadelphia. He believes that the new arena will help solidify Philadelphia’s reputation as a sports destination and bring even more excitement and energy to the downtown area.
The announcement of the new arena has been met with enthusiasm from both fans and city officials. Many are looking forward to seeing the 76ers play in a new and improved facility, while others are excited about the potential economic benefits that the new arena will bring to the city.
Construction on the new arena is expected to begin in the coming months, with a projected completion date of 2024. In the meantime, fans can look forward to cheering on the 76ers at the Wells Fargo Center as they continue to compete in the NBA.
Overall, the announcement of a new arena for the Philadelphia 76ers is a positive development for both the team and the city. It represents a significant investment in Philadelphia’s sports infrastructure and promises to bring new opportunities and excitement to the downtown area. Fans can look forward to a bright future for their beloved basketball team as they prepare to move into their new home.
