The Philadelphia 76ers have just announced that their next home will not be in South Philly.
Sixers co-owners Josh Harris and David Blitzer want to make the move into Downtown Philly, specifically Market Street. The $1.3 billion move will be the first project for the team’s newly formed development company, 76 DevCorp. As reported by ESPN’s Tim Bontemps, 76 DevCorp is comprised of Harris, Blitzer and real-estate developer David Adelman.
Adelman is the CEO of Campus Apartments and they are responsible for building several university apartments in not just Philly, but all over the states. The Sixers will also be working with Macerich, the operator of the Fashion District Philadelphia.
The move into the Fashion District isn’t supposed to happen until the 2031-2032 NBA season, after the team’s lease with the Wells Fargo Center is over, but Sixers president Tad Brown seems to be pleased.
It’s an exciting day for the organization.
We know the best thing we believe for the city, for our fans and for our organization, is to be downtown in a state-of-the-art facility that’s going to be privately funded by our ownership team. And that’s going to create a brand new environment, a whole new environment, that’s going to also really give a great economic boost in a development boost to a part of town that really needs it.
We think it’s a win-win for the city and for our organization. … It’s gonna be a lot of fun. It’s a great day.
The win-win Tad Brown may be speaking of is the amount of money the team and the city could make upon the new arena’s arrival.
The Sixers believe a potential $1.9 billion during construction and $400 million upon opening could provide an economic boost. Josh Harris and David Blitzer bought the 76ers from Comcast back in 2011. The duo had plans to build the team’s own area years ago in Penn’s Landing, but the deal fell apart in 2020 when a different plan arose. The development group wanted to take the publicly funded idea off the table and build upon a privately funded infrastructure. Taking funding from the state and city was not in the plan.
The Philadelphia 76ers are not the only occupants of the Wells Fargo Center, the Philadelphia Flyers may have to make a decision when the time comes. Tad Brown says he “would love” to have the Flyers come along in the new move, but the Sixers will most likely move forward regardless of the hockey team’s decision.