The Philadelphia 76ers on Thursday announced plans to take the first steps toward building a privately-funded $1.3 billion sports and entertainment arena.
The team’s managing partners, Josh Harris and David Blitzer, unveiled the creation of a new development company led by business leader David Adelman to create its future home in the city’s Fashion District. They said the new arena, 76 Place, is anticipated to cost approximately $1.3 billion.
The location is a busy downtown area with lots of shopping and entertainment and it is near popular Philadelphia destinations such as the Reading Terminal Market.
“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,” Harris said in a news release.