The Philadelphia 76ers aren't just planning big things on the court. They're planning big things for their court too. Early Thursday morning, the Sixers revealed a massive $1.3 billion plan for a new arena once their lease at the Wells Fargo Center expires.
Per ESPN, the team is creating a new development company that will lead the project to build the arena. The official move from the Wells Fargo Center isn't set to occur until the 2031-32 season, the season after the old lease expires. The Sixers will be entering a partnership with Macerich, the operator of Fashion District Philadelphia, to create the arena. Team president Tad Brown said this about the massive new project, per ESPN.
“We know the best thing, we believe, 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,” Sixers president Tad Brown told ESPN. “And that's going to create a brand-new environment, a whole new environment, that's going to also really give a great economic boost in a development boost to a part of town that really needs it.
“We think it's a win-win for the city and for our organization. … It's going to be a lot of fun. It's a great day.”
Brown said that the Sixers' new arena will not only be good for the fans and the organization, but it will also provide an economic boost to the city. He called it a “win-win.”
Siers co-owners Josh Harris and David Blitzer, who have had designs on building a new arena for years, will be making real estate developer lifelong Philadelphia fan David Adelman the chairman of 76 DevCorp.
76DevCorp will be tasked with creating the arena. The Sixers are reportedly having conversations with their Wells Fargo Center co-tenants, the Flyers, about moving to the new arena with them.
Even if the Flyers elect to stay, it's still a huge day for the city of Philadelphia and the Sixers organization.
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