Wednesday, the city of Philadelphia put the kibosh on a new Sixers arena at Penn’s Landing by choosing a developer from New York. The Sixers’ plan called for $780 million to $885 million in public incentives.
With many fans curious how the organization will regroup, the answer may be just a chest pass away at 700 Packer Avenue.
The Philadelphia Business Journal penned a story — well before Wednesday’s decision — outlining how the owners of the space in South Philly, which features the Parx Race and Sports Book at the South Philadelphia Turf Club, would like to be an alternative to the team’s Delaware Riverfront hopes.
Reportedly, the original plan by the Philadelphia Suburban Development Corp. for a rezoned, mixed use space at the northeast corner of the South Philly complexes hit a snag when the pandemic hit. Before pushing through with the “Stadium Square” proposal now that restrictions have loosened, the King of Prussia-based company was waiting to see how things played out with the Sixers’ Penn’s Landing arena and redevelopment idea.
The franchise’s lease in the Comcast-owned Wells Fargo Center ends in 2031. The team in February was valued at $2 billion according to Forbes.
Stay tuned on how the Sixers pivot in the coming weeks.