Philadelphia 76ers plan to build 76 Place as 'world-class' arena
July 23, 2022
On Thursday, July 21, 2022, the Philadelphia 76ers announced plans to build a $1.3 billion sports and entertainment arena. The new stadium will be built in downtown Philadelphia with private funding and will be named '76 Place'.
Formation of the development company, 76 Devcorp
In connection with the development plan, Josh Harris and David Blitzer as managing partners of the Sixers announced the formation of a new development company, 76 Devcorp on Friday, July 22, 2022. The development company is led by David Adelman who is the Philadelphia business leader.
76 Devcorp, in partnership with Harris Blitzer Sports Entertainment (HBSE), has been responsible for developing the Sixers' future home from start to finish. The development will be privately funded and will occupy what is currently the Fashion District of Philadelphia.
Harris said the Sixers is an institution that has a proven track record of outstanding investment, which is why Haris is confidently committed to building world-class homes in the heart of the city and creating a privately funded arena.
"This will strengthen bonds within local communities through investments that prioritize equity, inclusivity, and accessibility," said Harris.
Philadelphia Fashion District as the location for 76 Place
Adelman was appointed chairman of 76 Devcorp with a "passion" for discovering, designing, and developing destinations that serve as world-class arena facilities. In addition, the arena will also leverage the City of Philadelphia's economic growth by promoting the development of transformative communities, providers of employment, and equitable development of wealth.
The election of Adelman is not without reason. He is trusted to lead the project due to his globally recognized achievements, especially in real estate development in Philadelphia. Adelman is also committed to local philanthropy and investing in Philadelphia start-ups.
76 Devcorp evaluated potential sites before selecting the Philadelphia Fashion District as the location of choice. According to Adelman, this site was chosen because it is the most transit-rich location in Philadelphia. Thus, the area has the potential to redevelop existing commercial space, and the opportunity to play a role in the continued revitalization of the center of the city.
The selection of this area also involved Macerich, the owner and operator of the Philadelphia Fashion District. Macerich CEO Tom O'Hern explained that "The decision to reuse this part of the territory is a natural evolution of the site and a unique opportunity for our company."
Tom also emphasized that his party is committed to working with 76 Devcorp in order to realize the iconic development. It aims to ensure the spirit of Philadelphia for future generations.
The process of building 76 Place involves the local community to ensure that their interests are also represented. In addition, the involvement also aims to help push the proposed development plan so that it is in accordance with the context and needs of the surrounding community.
Therefore, 76 Devcorp worked closely with local community development to create a Community Benefits Agreement, ensuring the development will have a positive impact from the start of construction to the opening of the building.
David Gould, chief diversity and impact officer of the Sixers said, "We look forward to listening to and working with local communities, including organizations, businesses, and local residents to develop development that produces positive long-term impacts."