NBA franchise Philadelphia 76ers have released plans to build a privately funded stadium in the Center City at the Fashion District Philadelphia. Sixers managing partners Josh Harris and David Blitzer announced the news in a press release on Thursday.
The managing partners are addressed that a new development company, 76 Devcorp, will take care of building the $1.3 billion arena. The sports and entertainment arena will be located on a “portion” of the Fashion District.
“The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community. That’s why we’re committed 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,” said Josh Harris, 76ers Managing Partner.
“David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most,” he continued.
Adelman, the CEO of Campus Apartments and Co-Founder of FS Investments and Founder of Darco Capital was appointed Chairman of the76 Devcorp and also has a mandate to locate, design and develop a destination upon which the arena will be built. “The Philadelphia 76ers’ extensive evaluation of potential sites for an arena over the past two years culminates today with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team,” said Adelman.
“The chosen location is a key step in the process of developing a destination that provides Center City and surrounding communities with an economic engine generating activity through 76ers and youth games, concerts, events and more.”
The Sixers believe that this arena will be helping the City of Philadelphia in economic growth by promoting transformative community development, creating an array of jobs and creating wealth-building opportunities.
David Gould, 76ers’ Chief Diversity and Impact Officer talked about improving their communities with this arena. He said, “Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, Philadelphia and the surrounding communities.”