In under a decade, the Sixers plan to play elsewhere.
The team announced Thursday morning that it intends to complete development of a new arena called “76 Place” in Philadelphia’s Center City by the start of the 2031-32 NBA season. The Sixers’ lease at Wells Fargo Center ends in 2031. They’ve played at that venue since the arena opened in 1996.
The new, privately funded arena will cost approximately $1.3 billion, the team said in its press release, and “ground-breaking for the proposed project is not expected for several years.”
“We’ve had a terrific partnership with the Sixers for decades and look forward to hosting the team in this world-class facility until at least 2031,” Comcast Spectacor said Thursday morning in a press release. “We’ve invested hundreds of millions alongside the City, Phillies, and Eagles to make the South Philadelphia Stadium District an incredible destination for sports, entertainment and our passionate fans. We think it rivals any in the nation and will continue to draw the best events -- the 2026 FIFA World Cup is a perfect example.”
The Sixers said the arena will “provide $1.9 billion in overall economic output during construction and $400 million annually upon opening to support Philadelphia's long-term economic growth and sustainability.”
David Adelman, the CEO of Campus Apartments, will lead “76 Devcorp,” a development company dedicated to the new arena. He’ll work with Harris Blitzer Sports & Entertainment, which owns the Sixers and NHL’s New Jersey Devils and was recently valued at over $3 billion, according to the Philadelphia Business Journal. Sixers managing partner Josh Harris and co-managing partner David Blitzer are HBSE co-founders.
“The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community,” Harris said in the Sixers’ release. “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. 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.”
After evaluating potential locations, the Sixers said they decided on the Fashion District “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.”
In 2020, the Sixers’ proposal to build a new arena at Penn’s Landing was not selected by The Delaware River Waterfront Corporation.
Per the team’s release, the Sixers plan to have a “robust community engagement process” and partner with Mosaic Development Partners, a Philadelphia-based real estate company with a mission of helping to "revitalize neighborhoods and marginalized communities.”
“Our pledge is to advance equitable, community-driven revitalization through this project and to ensure the arena is a win for fans, Philadelphia and the surrounding communities,” David Gould, the Sixers’ Chief Diversity and Impact officer, said. “We look forward to listening to and working with the local community, including local organizations, businesses and residents, especially in Chinatown and Washington Square West, to develop a Community Benefits Agreement that results in long-term positive impact.”
The website 76Place.com details the Sixers' current plan and will have updates on the project’s progress.