Philadelphia 76ers Announce Plans to Build Privately Funded $1.3B Arena '76 Place'

A new arena is planned by the Philadelphia 76ers.

According to an official release from the club, managing partners Josh Harris and David Blitzer are launching a new development company that will be responsible for developing a privately funded sports and entertainment arena called 76 Place.

The project is part of the organization's commitment to "building a world-class home in the heart of the city and creating a privately funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility."

The current site of the Fashion District Philadelphia shopping mall will be the location of the arena.

The arena is expected to be finished in time for the start of the NBA season in 2031.

The lease with the Wells Fargo Center will end after the 31st season.

The development of the new building is not known. The full potential of the site will be realized through a partnership with Macerich.

Mosaic Development Partners, a Philadelphia-based real estate development company that has experience in affordable housing and inclusive communities, will be working with the development company.

The plan to build an arena at Penn's Landing fell through in 2020 when the Delaware River Waterfront Corporation accepted another investment bid.

The chairman of the new development company told Bontemps that there was no Philadelphia person in charge of the process. No disrespect to New York or anywhere else, but you need local.

The 76ers and the Philadelphia Flyer have shared a home since 1967. The teams moved into the center after it opened.