The Philadelphia 76ers will have a new home. According to NBC-Philadelphia, the 76ers have announced plans to build a privately funded arena in Center City. The building would sit at the current site of the Fashion District Philadelphia and will be called 76 Place.
The arena is projected to cost $1.3 billion to complete and would be led by development company 76 Devcorp.
“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 prioritize equity, inclusivity and accessibility,” said 76ers managing partner Josh Harris in a statement.
The new building is believed to provide jobs and economic opportunities to the Philadelphia communities and promises to invest in under-resourced communities.
