Philadelphia 76ers plans to build massive $1.3 billion privately funded arena by 2031

Philadelphia 76ers had been looking for a site for a new stadium for a long while. A site was on the board for them in 2020 but they, unfortunately, got outbid. Now that their lease at the Wells Fargo Center is going to end in less than a decade, the team has finally proposed a plan to build their new home.

What led the Philadelphia 76ers to make this move?

The Wells Fargo center is the 76ers’ current arena. It’s owned by Comcast-Spectacor and can host 20,000 people at once.

Comcast has stated that they’ve had a “terrific partnership” with the Philadelphia 76ers and they look forward to hosting the team. However, 2031 is still the year their lease ends at the Wells Fargo center. It is why the team has been scouting sites for years.

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The concept:

Philadelphia 76ers have chosen a site which is currently occupied by the Fashion District shopping center at 10th and Market streets.

It is planned that a part of the mall will be torn down. The team is sure that the new center will bring in a lot of opportunities for investments and jobs in the region. Josh Harris, the Sixers’ managing partner made a few comments about their intentions and plans with the concept earlier. The new arena will have around 18,000 seats, which is slightly lesser than their current center.

“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,“

Demolition will start in 2026 and the construction will most likely commence by 2028. The $1.3 billion arena will be complete right in time for the 2031-32 season.

Support and opposition for the move:

For decades, the city has funded the construction of such arenas. The Philadelphia 76ers however, are not requesting the city for funds this time. Instead, they’re going for a reduction in property tax which is to last through 2035. 

The Philadelphian crowd is excited to host their team in the heart of downtown. They believe the arena and the project will be followed by a lot of financial gains for the city. It might also provide a lot more opportunities to the citizens.

“It was exciting to hear the proposal for Fashion District Philadelphia as we believe it is an ideal site for a world class sports and entertainment arena,” Mayor Jim Kenny said. “FDP offers our community a transit-rich location and an incredible opportunity to revitalize Center City, ensuring its vibrancy for generations to come.” 

However, not everyone supports the Philadelphia 76ers with this move. This new project could face some backlash from the local Chinatown communities as the community has shown its vigilance multiple times for large-scale development projects like these. 

All in all, the majority of the team’s fanbase is excited and hyped for their team’s new arena.

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