Philadelphia’s mayor is throwing her support and the might of City Hall behind the 76ers’ long-proposed new arena in Center City.
In a video posted to social media late Wednesday afternoon, Democrat Cherelle Parker announced that she is supporting the team’s bid to develop 76ers Place at Market East, a proposed $1.3 billion venue, in the heart of the city. “It is the best financial deal ever entered into agreement by a Philadelphia mayor for a local sports arena, and I wholeheartedly believe it is the right deal for the people of Philadelphia,” she said in the video.
The full details, including the development’s financing, will be presented to city council for approval at an undetermined date.
“We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal and look forward to advancing to the next steps with city council,” a team spokesman told Sportico in an email.
In July 2022, the 76ers publicized plans to build a new arena, with construction to begin in 2028 and to be completed for the 2031-32 NBA season. However, the proposal has been heavily criticized for likely impacts on the Chinatown district next door, with activist groups citing how Capital One Arena has led to the decline in population in Washington D.C.’s Chinatown. There has also been debate over how the new arena could lead to a decline in municipal revenues as fans would be less inclined to do business in the neighborhood itself.
Parker, who took office in January, had been weighing the Sixers’ bid for most of the year, even visiting The Battery Atlanta, the Braves’ mixed-used development surrounding Truist Park, to help inform her decision to support the proposal. However, the state of New Jersey put out its own proposal for the Sixers, featuring an arena that would live next door to the team’s existing practice facility in downtown Camden.
The 76ers, owned by Josh Harris and David Blitzer, rank eighth in Sportico’s NBA franchise valuations list at $4.13 billion, a 29% increase from 2022. The team generated $377 million in revenue during the 2022-23 season, the last full season available. The Sixers have shared Wells Fargo Center with the NHL’s Flyers since it opened in 1996, and the building was last renovated ahead of the 2019-20 NBA and NHL seasons. Comcast Spectacor, which owns Wells Fargo Center, has its own development plans for the South Philadelphia sports district.
In the offseason, the 76ers extended their title contention window by adding nine-time All-Star Paul George and giving Tyrese Maxey a max deal. They lost to the division rival New York Knicks in a memorable six-game, first-round series of the 2024 playoffs.
