76ers Announce New Arena In Center City Philadelphia

PHILADELPHIA — The Sixers are moving.

The team Thursday announced they will be leaving South Philly and head to Philadelphia's Fashion District to the new arena: 76 Place.

According to the team, the arena will be at 10th and 11th streets on Market Street in a part of the mall.

"The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community," said Josh Harris, 76ers Managing Partner. "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. David Adelman shares our vision for ensuring that the new arena is an anchoring force in the local community, creating well-paying jobs and economic opportunities for those who need them most."

Harris and Managing Partner David Blitzer said the move comes as the organization formed a new development company, 76 Devcorp.

The company is responsible for developing the Sixers' new home, which will be a privately-funded, purpose-built sports and entertainment arena, according to the team.

One of the main priorities of the development is to build 76 Place with no city subsidies.

The new site was chosen primarily due to it being the most transit-rich location in all of Philadelphia, the ability to redevelop an existing commercial space, and the opportunity to play a role in the continued revitalization of Center City, the team said.

According to the 76 Place website, the timeline is as follows:

2022-2024
Entitlements and Approvals

2024-2026
Design

2026-2027
Demolition

2028-2031
Construction

2031
Opening

The team says construction alone will generate $1.8 billion in economic output and create 9,000 jobs.

Then, the ongoing operation of 76 Place will generate $400 million in economic output annual and sustain 1,000 jobs.

The Development Corporation will work closely with Macerich, the managing partner of the owning entities and operator of Fashion District Philadelphia, to realize the full potential of the site.

"At Macerich, we are constantly enhancing our properties to bring greater value to our shareholders, retailers and communities," Tom O’Hern, CEO of Macerich, said. "The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once in a lifetime opportunity for our company. We are committed to working collaboratively with 76 Devcorp to bring to life the vision of this iconic development that will ensure Philadelphia’s vibrancy for generations to come."

The news comes as rumors of the team moving to Camden swirled around.

There's been an appeal to Camden ever since their practice facility opened there in 2016, at the time the nation's newest and largest NBA facility of its type. A plan to redevelop the Penn's Landing area to include a new arena was discarded in 2020, but turned heads around the region.

The Sixers have shared the Spectrum and later the Wells Fargo Center with the Philadelphia Flyers since the 1960s.

Patch has reached out to the Philadelphia 76ers and Comcast Spectator for more information and will update the story when additional details are made available.