Connect with us

Hi, what are you looking for?

Philadelphia, Pennsylvania Local News

Philadelphia 76ers Plan $1.3B Arena at Fashion District Site in Center City – NBC10 Philadelphia



NBC10 is one of dozens of news organizations producing BROKE in Philly, a collaborative reporting project on solutions to poverty and the city’s push toward economic justice. Follow us at @BrokeInPhilly.

The Philadelphia 76ers plan to build a privately funded arena in Center City at the current site of Fashion District Philadelphia.

Sixers managing partners Josh Harris and David Blitzer made the announcement in a press release Thursday morning, saying a new development company, 76 Devcorp, will develop the $1.3 billion arena. The sports and entertainment venue would be located on a “portion” of the Fashion District.

“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,” Harris said in a statement.

The project would provide well-paying jobs and economic opportunities to locals, he said. The team pledged a “robust” community engagement process as it pursues the development. It also committed to investing in under-resourced communities.

Advertisement. Scroll to continue reading.
//z-na.amazon-adsystem.com/widgets/onejs?MarketPlace=US&adInstanceId=8829f572-e9e4-4cd8-9ae8-9fe1128e4b81

The team assessed various locations for a new arena but chose the Fashion District due to its proximity to mass transit and the opportunity to redevelop existing commercial space and to “play a role in the continued revitalization of Center City,” the team said.

The arena would generate $1.9 billion in overall economic output during construction and $400 million annually upon opening, the Sixers said.

Tom O’Hern, CEO of the Macerich real estate company that controls operations at the Fashion District, said in the same press release that repurposing part of the site for the arena is a “natural evolution of the site and a unique and once in a lifetime opportunity for our company.”

The Sixers currently play at the Wells Fargo Center in the South Philadelphia Stadium District, the sports complex that also houses stadiums for the Eagles football team and the Phillies baseball team.

In a statement, Comcast Spectacor, which owns the Wells Fargo Center, noted it has invested hundreds of millions of dollars into the sports complex and said it looks forward to hosting the Sixers for the better part of the next decade.

“We’ve had a terrific partnership with the Sixers for decades and look forward to hosting the team in this world-class facility until at least 2031,” the company said.

Advertisement. Scroll to continue reading.
//z-na.amazon-adsystem.com/widgets/onejs?MarketPlace=US&adInstanceId=8829f572-e9e4-4cd8-9ae8-9fe1128e4b81

NBC10 reached out to the City of Philadelphia for comment but did not immediately receive a response.

Disclosure: Comcast is the parent company of NBCUniversal, which owns this TV station.

This is a developing story and will be updated.





Source link

Advertisement. Scroll to continue reading.
//z-na.amazon-adsystem.com/widgets/onejs?MarketPlace=US&adInstanceId=8829f572-e9e4-4cd8-9ae8-9fe1128e4b81

You May Also Like

Philadelphia, Pennsylvania Local News

The Eagles have added a new running back to the roster in North Texas undrafted rookie free agent DeAndre Torrey. The team correspondingly waived...

Philadelphia, Pennsylvania Local News

Beginning in 2023, Drexel University will make access to its bachelors degree programs more affordable with a 50% tuition discount for community college graduates...

Philadelphia, Pennsylvania Local News

At least one person died and nearly two dozen others were injured, five seriously, when a bus from New York City to Philadelphia overturned...

US News

PHILADELPHIA (CBS) — A new report says Philadelphia children are suffering long-lasting, harmful impacts of the COVID-19 pandemic. The advocacy organization Children First says...

Philadelphia, Pennsylvania Local News

Day 8 of Philadelphia Eagles 2022 training camp is in the books, and it was an open practice attended by fans at Lincoln Financial...

Philadelphia, Pennsylvania Local News

August means the impending change of seasons from summer to fall, otherwise known as Pumpkin Spice Season. As soon as the calendar changes to...

US News

PHILADELPHIA (CBS) –As Philadelphia’s homicide rate outpaces this time last year, activists are reacting to the rising numbers and they are calling for peace....

Philadelphia, Pennsylvania Local News

Since June 1, Phillies have played like a team on a mission to end playoff drought originally appeared on NBC Sports Philadelphia Rob Thomson,...