Thursday, July 21, 2022

NBA’s Philadelphia 76ers Plan $1.3 Billion Downtown Arena

By Andy Peters CoStar News

The Philadelphia 76ers pro basketball team plans to build a $1.3 billion arena with its own money at downtown Philly’s Fashion District shopping mall.

The 76ers reached an agreement with site owner Macerich Co. to develop the arena in a segment of the Fashion District. A new partnership created by 76ers principal owner Josh Harris, minority owner David Blitzer and student housing executive David Adelman will serve as lead developer. Harris is co-founder of private equity firm Apollo Global Management, Blitzer is an executive with private equity firm Blackstone Group and Adelman is CEO of Philadelphia-based developer Campus Apartments.

Pro sports franchises are increasingly developing stadiums and arenas surrounded by shopping districts, apartments, offices, hotels and concert venues. Mixed-use commercial districts are underway, or completed, next to facilities for the Milwaukee Bucks NBA team, the Atlanta Braves baseball team and the St. Louis City SC pro soccer team.

The proposed Philadelphia arena, to be called 76 Place, is penciled in for a site on Market Street between 10th and 11th streets. It would require the demolition of at least one building within the Fashion District complex.

The 76ers said they picked the site in part because it’s served by six mass-transit rail and trolley lines.

If the new coliseum is built, the NBA team would vacate the 26-year-old Wells Fargo Center in South Philadelphia.

Construction on 76 Place is not expected to begin “for several years” and will not be completed until 2031, when its Wells Fargo Center lease expires, the team said.

The 76ers did not say if the Philadelphia Flyers professional ice hockey team will also move to the new arena. The 76ers and Flyers share Wells Fargo Center.

Other NBA teams have recently renovated arenas or planned major upgrades, including the Charlotte Hornets, Phoenix Suns and Indiana Pacers.

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