The New Jersey state government is seeking to lure the Philadelphia 76ers basketball team out of their hometown and into a proposed arena that would be center of a new mixed-use development in the city of Camden.
According to ROI-NJ, the multibillion-dollar project would be located at the site of a former state prison that is located next to the Delaware River and north of the Ben Franklin Bridge that connects Camden and Philadelphia. The project is expected to be self-financed by Harris Blitzer Sports & Entertainment, the owner of the 76ers, although it would be eligible for tax incentives of up to $800 million.
Furthermore, the office of Gov. Phil Murphy, a Democrat, said it would work with the state legislature to enable the structuring of up to $500 million of special-purpose bonds supported by fees and surcharges on tickets, concessions, and parking to support the arena’s creation.
“We envision a multibillion-dollar, privately-led comprehensive mixed-use development north of the Ben Franklin Bridge that would serve as a transformative catalyst for Camden and New Jersey,” said Tim Sullivan, the CEO of the New Jersey Economic Development Authority. “Anchored by a world-class arena, we believe that this project will enable development of significant residential, commercial and retail offerings within the city of Camden.”
The 76ers are based at the Wells Fargo Center in Philadelphia, but their lease ends after the 2030-31 season. A spokesperson for the basketball team responded to the story by stating, “We have worked tirelessly for the past five years to build an arena in Philadelphia and negotiations remain ongoing with city leadership regarding our proposal at Market East. The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season. As a result, we must take all potential options seriously, including this one.”
Photo: Philadelphia 76ers / Flickr Creative Commons
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