Philadelphia 76ers look to build new $1.3 billion arena

By: The Trend Wire

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The Philadelphia 76ers revealed Thursday plans to build a $1.3 billion sports and entertainment arena.

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Josh Harris and David Blitzer announced the formation of a new development company directed by David Adelman

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To build the team's future home in the Fashion District. 76 Place will cost $1.3 billion, they added.

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It's in a busy downtown neighbourhood with shopping and entertainment, near the Reading Terminal Market.

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“The Philadelphia 76ers have a history of investing in their community. 

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We're dedicated to establishing a world-class arena in the middle of the city that prioritises equity, inclusivity, and accessibility, Harris added.

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The announcement said the site was chosen for its transit access. The crew also mentioned "redeveloping commercial space."

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A coalition of Chinatown residents opposes the project, which would be built one block away.

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Xu Lin, a nearby business owner, warned the proposed construction will weaken Chinatown.

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The project is expected to be done by the 2031-2032 NBA season.

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Since 1996, the Sixers have played at Wells Fargo Center. Comcast Spectacor, the arena's owner, said Thursday it looks forward to hosting the Sixers until at least 2031.

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The arena holds hockey games and concerts. The Sixers want to go their own way despite a $350 million renovation project.

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“We're devoted to making this a win for our supporters and Philadelphia,” Adelman added.

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This comes a day after the 76ers signed James Harden to a two-year, $68 million deal with a player option.