Philadelphia Mayor Announces Deal to Build New 76ers Arena in Center City

Philadelphia Mayor Cherelle Parker announced Wednesday that she has reached an agreement with the Philadelphia 76ers to build a new arena in Center City and will send it to City Council.

The decision comes just weeks after New Jersey’s governor offered $400 million in tax breaks to build the site across the river in Camden. The new arena in Center City will prevent the NBA team from relocating.

“This is an historic agreement,” Parker said in a video posted on X. “I wholeheartedly believe this is the right deal for the people of Philadelphia.

“To the people of Chinatown, please know that I hear you. We have the best Chinatown in the United States, and I am committed to working together to support it.”

As your Mayor, I'm speaking from my City Hall office with a very important announcement. I am proud to share that I have made my decision, and an agreement has been reached to ensure that our Sixers are staying home.

I wholeheartedly believe this is the right deal for the People… pic.twitter.com/Fnj19mrBOV

— Mayor Cherelle L. Parker (@PhillyMayor) September 18, 2024

Philadelphia’s new arena would be located two blocks from Chinatown in the Market East neighborhood.

On the 76 Place site, it reads, “the 76ers are bringing the full funding required to build the arena, including injecting an unprecedented $1.55 billion in private dollars to revamp the struggling Market East area.”

Sixers owners said their planned 76 Place would improve the retail corridor near City Hall and capitalize on the city’s public transit. Of course, they have vowed not to renew the lease on their current home, Wells Fargo Center.

Philadelphia 76ers owners are wanting their own modern facility for NBA games, concerts, and other events

Built in 1996, Wells Fargo Center is an arena located in the city’s South Philadelphia Sports Complex. The lease runs out in 2031. The 76ers now rent the arena from Comcast Spectacor, which also owns the NHL’s Philadelphia Flyers, who also play there.

Additionally, the Sixers’ owners are wanting their own modern, state-of-the-art facility. The owners want an arena that they could rent out for concerts and other events.

Josh Harris, a managing partner of the ownership group, Harris Blitzer Sports & Entertainment, is also hoping the project will unify the community.

The #Sixers released new architectural renderings of 76 Place — the $1.3 billion arena the team plans to build on Market Street by the year 2031.

(via Gensler and CBL Real Estate) pic.twitter.com/gqCHC2yo86

— Philly Sixers Galaxy (@sixers_galaxy) June 7, 2023

In fact, Harris has said the Sixers will build a privately funded facility that “strengthens ties within the local community through investments that prioritize equity, inclusivity, and accessibility.”

On Wednesday, a 76ers spokesperson said the owners were grateful for Parker’s support of their proposal “and look forward to advancing to the next steps with city council.”

Furthermore, Comcast Spectacor Chairman and CEO Daniel J. Hilferty said they will keep the door open for the 76ers as the plan unfolds while working with the Phillies to expand entertainment venues and jobs at the South Philadelphia complex.

“Either way, we always want what is best for Philadelphia,” Hilferty said in a statement.

Harris Blitzer Sports & Entertainment group proposed a Center City arena in Philadelphia back in 2022. The new plans still need to be approved by Philadelphia’s City Council.