The City of Philadelphia has reached an agreement to build a new $1.55 billion, 18,500-seat arena that will be home to the NBA’s Philadelphia 76ers.
Philly Voice reported the new arena will be on East Market Street just south of Chinatown on a site that is currently is part of the Fashion District Philadelphia mall. The development project will also include the creation of a 395-unit residential tower that will include affordable housing units.
“I have made my decision and an agreement has been reached that will ensure that our Sixers are staying home,” said Mayor Cherelle Parker in a posting on X (formerly Twitter).
The team has sought to relocate to a new arena by 2031 when its’ lease at the Wells Fargo Center expires, and it has insisted the arena will be financed without taxpayer funds – opponents to the plan have questioned that pledge. The New Jersey state government sought to attract the team out of Pennsylvania by creating a new arena at the center of a new mixed-use development in the city of Camden.
In a statement, the team said, “We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal and look forward to advancing to the next steps with City Council.”
Photo: Philadelphia 76ers / Flickr Creative Commons
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