While most of the NBA is preparing for the 2022-23 season, the Philadelphia 76ers have their eyes set a little further into the future, as the team announced Thursday the creation of a development company that will spearhead the building of a new arena that is projected to be completed ahead of the 2031-32 season. The project is expected to cost $1.3 billion, all of which will be privately funded, and will be located in the heart of Center City Philadelphia.
The development group, 76 DevCorp, is led by Philadelphia business leader David Adelman, who has been a season-ticket holder of the Sixers for over 20 years. This development group is in partnership with Harris Blitzer Sports Entertainment, which is the parent company that owns the Sixers, led by Josh Harris and David Blitzer.
“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 press release. “David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most.”
The Sixers spent two years deciding where to build this new arena, and chose Center City’s Fashion District due to it being the “most transit-rich location in all of Philadelphia.” The construction of the arena is projected to start in 2028, and and the team says it expected to provide $1.9 billion to Philadelphia’s economy.
“We know the best thing, we believe, for the city, for our fans and for our organization, is to be downtown in a state-of-the-art facility that’s going to be privately funded by our ownership team,” Sixers president Tad Brown said via ESPN. “And that’s going to create a brand-new environment, a whole new environment, that’s going to also really give a great economic boost in a development boost to a part of town that really needs it. “We think it’s a win-win for the city and for our organization.”
The Sixers have played at the current Wells Fargo Center since 1996, sharing it with the NHL‘s Philadelphia Flyers. While there currently isn’t a plan for the Flyers to move with the Sixers when the new arena is built, Brown said discussions are ongoing with their hockey counterpart.