76ers announce new details about proposed arena in Center City
Developer David Adelman, who is a limited partner of the team, sat down for a broadcast exclusive interview with Action News.
PHILADELPHIA (WPVI) -- The Philadelphia 76ers announced new details about their proposed 76 Place arena in Center City.
The ownership group claims it will generate more than $1 billion in new tax revenues for the city, state and school district over the 30-year lease term.
Billionaire developer David Adelman, who is a limited partner of the team, sat down for a broadcast exclusive interview with Action News.
"We always knew that this would be a net benefit for the city, so we're really excited to share that with all your viewers, the residents and citizens of Philadelphia," said Adelman.
The proposed arena has been a source of contention. It would border Chinatown. Residents and business owners there are worried it will lead to traffic congestion, and price them out of their homes and businesses.
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"That's an astronomical number over that period of time," said John Chin with the Philadelphia Chinatown Development Corporation. "But from Chinatown's position, we've always been consistent with our position that our concern of preservation of Chinatown in the face of urban development."
Chin said gridlock is Chinatown's greatest concern.
"If we had 10 concerns the top four were parking and traffic," said Chin.
Adelman said they're addressing those concerns.
"We have this robust public transit system. We have access to 9,000 parking spaces within a 10-minute walk. So it's less of a walk than you have from the Broad Street Line to Lincoln Financial Field," he said.
Chinatown residents have been frustrated by what they feel has been a lack of transparency over the project.
"They have not earned our trust at all," says Debbie Wei of Asian Americans United.
The 76ers said $800 million will go to the city and an additional $200 million to the The School District of Philadelphia.
The $1.3 billion arena, if approved, would sit partially on the site of the Fashion District Philadelphia.
Adelman, who is chairman of the development company for the arena, 76DevCo, warned of the consequences if the struggling mall went bankrupt and dark.
"I'm not displacing one business, one resident. I'm taking a box which is an entertainment venue of the mall and putting another entertainment venue that will have sports, and concerts. The same footprint, " Adelman said.
Adelman says 76 Place will convey the land to the City of Philadelphia, which will allow public ownership of it and give the city more influence over design and oversight. Adelman says the development group's analysis has been turned over to the city.
He says it will do its own independent analysis.
"We're excited that not only can we bring a privately funded project into the center of Philadelphia, 28 of 30 NBA teams already have downtown arenas. It's only us and Chicago that don't, so we're not, we're not creating something new that doesn't exist. This is the future. And so we're excited to be a contributor to the adjacent communities," said Adelman.
Adelman hopes to get zoning approval in the fall. If approved, the team is aiming to open 76 Place during the 2031-2032 season.
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