Josh Harris and David Blitzer, Managing Partners of the Philadelphia 76ers, announced Thursday morning the creation of a new development company, 76 Devcorp, responsible for developing the future home of the Philadelphia 76ers, which will be called 76 Place.
According to the team, the new, privately-funded arena is anticipated to cost approximately $1.3 billion, and the arena is expected to be completed in time for the 2031-2032 NBA season.
The 76ers evaluated a few potential sites before determining Fashion District Philadelphia as its preferred location. The site was selected 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.
Led by Philadelphia business leader David Adelman, in partnership with Harris Blitzer Sports Entertainment (HBSE), the Development Corporation is pursuing a privately-funded, purpose-built sports and entertainment arena, 76 Place, that will be located on a portion of the current site of Fashion District Philadelphia and serve as an anchor to Center City.
“The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community,” Harris said. “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.”
Adelman, the CEO of Campus Apartments, Co-Founder of FS Investments, and Founder of Darco Capital, was appointed Chairman of the new development company with a mandate to locate, design, and develop a destination.
“The Philadelphia 76ers’ extensive evaluation of potential sites for an arena over the past two years culminates today with plans to pursue the Fashion District Philadelphia site as the proposed new home of the team,” said Adelman. “The chosen location is a key step in the process of developing a destination that provides Center City and surrounding communities with an economic engine generating activity through 76ers and youth games, concerts, events, and more.”
A Center City arena would look fantastic, and 76ers fans around the Philadelphia area should be happy about the possibilities.