Philadelphia 76ers Announce Plan To Build New Stadium

National Basketball Association (NBA) franchise, the Philadelphia 76ers, are set to construct a new stadium on land located in the city’s fashion district by 2031.

The project, named 76 Place, will be led by Philadelphia businessman, David Adelman, and franchise owners, Blitzer Sports and Entertainment (HBSE), and will cost approximately US$1.3 billion (AUD$1.8 billion).

In a statement, the 76ers said the project will provide US$1.9 billion (AUD$2.7 billion) during the construction phase, as well as generate US$400 million (AUD$574 million) when its open to the public.

Commenting on the project, 76ers managing partner, Josh Harris, said: “The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community.”

“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 prioritise 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 said.

Additionally, newly formed development company, 76 Devcorp, who chose the fashion district because its trans-rich location, will be designing and developing the stadium.

Adelman, said: “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.”

“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,” Adelman said.