76ers planning $1.3 billion project for new arena in 2031-2032 season
The Philadelphia 76ers is planning to build a new house with the idea of moving in early next decade.
The team is forming a new development company that will lead the $1.3 billion project and build a privately funded arena downtown. The Sixers plan to move to the new location for the 2031-2032 season, after the lease expires on their current home – the Wells Fargo Center.
“We know the best, we believe, for the city, for our fans and for our organization, is to be downtown in a state-of-the-art facility that will be privately funded by our ownership group,” said Sixers president Tad Brown, per ESPN. “And that’s going to create a whole new environment, a whole new environment, that’s also going to really create a big economic boost in driving development for the part of town that really needs it. it. … We think it’s a win- win for the city and for our organization. … It’s going to be fun. It’s been a great day.”
Co-owners David Blitzer and Josh Harris purchased the franchise from Comcast in 2011 and have had designs on building their own arena in “City of Brotherly Love” for years, including building efforts. an arena at Penn’s Landing, east of the city along the Delaware River. The plan finally fell through two years ago when the city chose a different development plan.
Blitzer and Harris then teamed up with lifelong 76ers fan, season ticket holder of more than 20 years, and real estate developer David Adelman, to form a partnership to provide a new arena. Adelman will be president of a new company, 76 DevCorp, which he, Harris and Blitzer are starting.
“Honestly, when Penn’s Landing happened, well, I think one of the shortfalls was that they realized there were no Philadelphians running the process,” Adelman said. “” And no disrespect to New York or anywhere else, but like, you need locals, right? “