The Philadelphia 76ers are creating a new development company that will lead the project to build a privately funded arena in the city.
While the 76ers don't plan to be in the arena until the 2031-32 season, and they won't break ground on the new site for several years, the team said it will partner with Mace
The best thing 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, according to the president of the Philadelphia 76ers. "That's going to create a brand-new environment, a whole new environment, that's going to give a great economic boost to a part of town that really needs it."
It's a win-WIN for the city and our organization. It is going to be enjoyable. It is a wonderful day.
The team's co-owners have had designs on building their own arena in Philadelphia for a long time. There was an attempt to build one at Penn's Landing on the East side of the city. Two years ago, the city decided to go with a different plan.
David Adelman, a lifelong 76ers fan and a real estate developer, was chosen by Harris and Blitzer to form a partnership to build a new arena.
The new company will be called 76 Development Corp. and will be chaired by Adelman. The company will have to bring the arena to life.
When Penn's Landing happened, they didn't realize that there wasn't a Philadelphia person in charge. No disrespect to New York or anywhere else, but you need local.
It is a dream come true to do a "legacy project" in Philadelphia that "my kids and grandkids will know that I rejuvenated a part of Market Street that was a little not living up to its full potential"
It's awesome to do it in this partnership.
The 76ers learned a lot from their setbacks with the Penn's Landing proposal, according to Brown. Brown and Adelman said they had agreements in place to get the project started.
Brown said that they learned from the things they weren't expecting. We came back with better infrastructure because of that. It's all privately funded. We're not going to be asking the state or the city if they're going to do this.
Asking for public subsidies is not allowed in Philadelphia. We want to build the best facility in the country with our own resources so that we can give something to the city.
Will the 76ers stay at Wells Fargo Center for the duration of their lease, or will they join them in the new endeavor?
The 76ers didn't want to speed up the process to get into the building.
The conversations with their co-tenants at Wells Fargo Center are still going on. The project would move forward regardless of the hockey team's decision, despite the fact that the 76ers would love to have the Flyer join them.
"But everybody knows that what we're looking for is what's going to be in the best interests of the city, of our fans and of our organization." As we move forward, we can be as transparent and open as we can be.
The Philadelphia professional sports teams have been in the same complex in South Philadelphia for over 50 years. The 76ers believe that building a downtown arena will give fans a better experience.
Have you been to any arenas in the urban core? The puck is going there. The sports complex in South Philly only has one line. We have all the lines.
You can't have a drink or eat when you leave the center. We need to do something better because our fans are leaving early. They need this experience.
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