PHILADELPHIA (AP) — The Philadelphia 76ers announced plans Thursday to build a privately funded sports and entertainment stadium at a cost of about $1.3 billion.
Josh Harris and David Blitzer, managing partners of the team, announced the creation of a developer led by businessman David Adelman to build the future home of the 76ers in the city’s Fashion District. They anticipated that the new stadium, 76 Place, will reach the mentioned cost.
It will be located in a busy downtown area with shopping and entertainment venues, close to popular Philadelphia destinations such as the Reading Terminal Market.
“The Philadelphia 76ers are a renowned Philadelphia institution with a proven track record of investing in their community. That is why we are committed to building a world-class home in the heart of the city and creating a privately funded stadium that strengthens ties within the local community through investments that prioritize equity, inclusion and accessibility.” Harris detailed in a press release.
The site was chosen mainly due to its road accessibility, according to the statement. The team also mentioned the “ability to redevelop existing retail space.”
However, a coalition of members of the Chinatown community has organized in opposition to the project, which will be carried out one block from the area.
“The proposed project is one more in a long line of attempts to reduce Chinatown,” said Xu Lin, a business owner in the area.
Construction is expected to begin within several years and the project will be completed in time for the 2031-2032 NBA season.
The 76ers have used the Wells Fargo Center as their home since it opened in 1996.
“We have had an excellent partnership with the Sixers for decades and look forward to hosting the team in this world-class facility through at least 2031,” stadium owner Comcast Spectacor said in a statement Thursday.
Downtown is also home to the Philadelphia Flyers hockey team and a concert venue.
Despite an ongoing $350 million project to renovate the venue inside and out, the 76ers are looking to get their own stage.
“We are dedicated to ensuring that this project is a win for our fans and Philadelphia as a whole,” Adelman said.
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