The Philadelphia 76ers have confirmed they will remain in the city they have called home since 1963, announcing plans for a new stadium in Center City, despite pushback from some local residents. The decision comes after reports that the team had been considering a move to Camden, New Jersey, where state officials had offered $400 million in tax credits as part of a larger multibillion dollar development plan.
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Philadelphia Mayor Cherelle Parker officially announced the agreement during a press conference this week, describing it as a “historic” deal.
The $1.3 billion stadium project will be entirely financed by the 76ers, with the team covering the costs through annual payments in lieu of taxes, which are expected to average about $6 million per year.
In addition to the stadium, the 76ers have committed to a $50 million investment in local businesses, nearby communities, and the city’s schools.
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“The Sixers are financing the $1.3 billion project with no city funds. That is an approach that is unprecedented among our local sports facilities,” Parker stated. “It’s the best sports facility agreement in Philadelphia’s history. It keeps our hometown 76ers playing in Philadelphia at least until 2061.”
However, the plan has drawn opposition from some Philadelphia residents, particularly in the city’s Chinatown district, which is located just one block from the proposed site.
Activists have expressed concern that the project could lead to the displacement of long-standing residents, particularly older individuals, low-income families, and new immigrants.
“I am proud to oppose the 76ers arena proposal in Center City, which poses an existential threat to Chinatown,” Pennsylvania state Rep. Rick Krajewski said in a statement. “No matter how the billionaire owners of the 76ers try to lobby, threaten and bully, working families have a right to stay in their homes.”
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The project still requires approval from the Philadelphia City Council before it can proceed. If approved, demolition in the area could begin in 2026, with construction slated to start in 2028. Officials aim to have the new arena ready for the 76ers’ 2031-32 season.
THE PHILADELPHIA 76ERS ARE GOING TO BE STAYING PUT IN THE CITY THEY’VE CALLED HOME SINCE 19-63.
BUT LOCAL RESIDENTS HAVE VOICED CONCERNS ABOUT THE PROJECT’S POTENTIAL IMPACT TO THEIR NEIGHBORHOOD.
AFTER REPORTS THE TEAM WAS CONSIDERING A MOVE TO CAMDEN, NEW JERSEY-
WHERE STATE OFFICIALS HAD OFFERED THEM 400 MILLION DOLLARS IN TAX CREDITS AS PART OF A MULTI-BILLION DOLLAR DEVELOPMENT PLAN-
THE SIXERS HAVE INSTEAD DECIDED TO SIGN A NEW STADIUM DEAL TO REMAIN IN PHILLY.
THE CITY’S MAYOR CHERELLE PARKER DETAILING THE AGREEMENT DURING A PRESS CONFERENCE THIS WEEK.
“We are here tonight to talk about a historic agreement that my administration has reached with the Philadelphia 76ers for an arena to be built in Center City.”
THE ONE POINT THREE BILLION DOLLAR STADIUM PROJECT WILL BE FINANCED ENTIRELY BY THE TEAM.
A PROVISION WITHIN THE AGREEMENT WILL ALLOW THE SIXERS TO COVER THOSE COSTS THROUGH ANNUAL PAYMENTS IN LIEU OF TAXES-
AVERAGING ABOUT 6 MILLION DOLLARS PER YEAR.
“The Sixers are financing the $1.3 billion project with no city funds. That is an approach that is unprecedented among our local sports facilities.”
THE DEAL ALSO CALLS FOR THE TEAM TO MAKE A 50 MILLION DOLLAR INVESTMENT IN LOCAL BUSINESSES, NEIGHBORING COMMUNITIES AND THE CITY’S SCHOOLS.
HOWEVER, THE PROPOSED STADIUM HAS DRAWN PUSHBACK FROM ACTIVISTS IN PHILADELPHIA’S CHINATOWN DISTRICT-
WHICH IS JUST A BLOCK AWAY FROM WHERE DEVELOPERS ARE EYEING TO BUILD THE PROJECT.
PROTESTORS SAY THE NEW ARENA WILL DISRUPT OR DISPLACE RESIDENTS-
FORCING OLDER PEOPLE, LOW-INCOME FAMILIES AND NEW IMMIGRANTS TO MOVE OUT.
“It follows a pattern that’s going on in our city, where developers want to displace people who they see as insignificant.”
THE PROJECT STILL MUST RECEIVE APPROVAL FROM THE CITY COUNCIL BEFORE IT CAN MOVE FORWARD-
BUT IF IT ULTIMATELY GETS THE GREEN LIGHT, DEMOLITION WORK IN THE AREA WOULD BEGIN IN 20-26 WITH CONSTRUCTION STARTING TWO YEARS LATER.
OFFICIALS HOPE TO OPEN THE ARENA IN TIME FOR THE 76ERS’ 20-31 SEASON.
JACK AYLMER – STRAIGHT ARROW NEWS.
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