The Philadelphia 76ers announced plans Thursday to take the first steps toward building a privately funded sports and entertainment stadium.
Josh Harris and David Blitzer, managing partners of the team, unveiled the creation of a new development company led by business leader David Adelman to create their future home in the city’s fashion district. They said the new stadium, 76 Place, is anticipated to cost about $1.3 billion.
It will be located in a busy downtown area with several shopping and entertainment venues, and close to popular Philadelphia destinations such as the Reading Terminal Market.
“The Philadelphia 76ers are a renowned Philadelphia institution with a proven track record of investing in their community. That is why we are committed to building a world-class home in the heart of the city and creating a privately funded stadium that strengthens ties within the local community through investments that prioritize equity, inclusion and accessibility.” Harris detailed in a press release.
The location was chosen primarily due to its access to traffic, according to the release. The team also cited the “ability to redevelop existing retail space.”
The inauguration is expected to take several years and the project to be completed in time for the 2031-2032 NBA season.
The 76era have called the Wells Fargo Center home since it opened in 1996.
“We have had a terrific partnership with the Sixers for decades and look forward to hosting the team in this world-class facility through at least 2031,” stadium owner Comcast Spectacor 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 are looking to go their own way.
“We are dedicated to making sure this development is a win for our fans and Philadelphia as a whole,” Adelman said.
