PHILADELPHIA ( Associated Press) – The Philadelphia 76ers on Thursday announced plans to take the first step toward building a privately funded sports and entertainment stadium.
Team Managing Partners Josh Harris and David Blitzer unveiled the creation of a new development company led by business leader David Edelman to build their future in the city’s fashion district. He said the new stadium, 76 Place, is estimated to cost around $1.3 billion.
It will be located in a busy downtown area with many shopping and entertainment venues, and will be close to popular Philadelphia destinations such as Reading Terminal Market.
“The Philadelphia 76ers are a renowned Philadelphia institution with a proven track record of investing in the community. That is why we are committed to building a world-class home in the heart of the city and building a privately funded stadium that is open to equity, inclusion and strengthens relationships within the local community through investments that prioritize access.” Harris elaborated in a press release.
According to the release, the location was chosen mainly because of the accessibility to the traffic. The team also cited “the potential for redevelopment of an existing retail space.”
The inauguration is expected to take several years and the project will be completed in time for the 2031–2032 NBA season.
76era has called the Wells Fargo Center home since it opened in 1996.
“We have had a great partnership with the Sixers for decades and look forward to hosting the team in this world-class facility until at least 2031,” stadium owner Comcast Spectacore said in a statement Thursday.
The venue is also home to the Philadelphia Flyers hockey team and hosts concerts.
Despite an ongoing $350 million project to renovate the venue inside and out, the 76ers want to go their own way.
“We are dedicated to making sure this development is a win-win for our fans and for Philadelphia as a whole,” Edelman said.