PHILADELPHIA (WPVI) -- The Philadelphia Chinatown Development Corporation (PCDC) announced its formal opposition to the proposed 76ers arena in Center City on Thursday.
The group says the arena "imperils the future of Chinatown."
Their research found 93% of business owners and 94% of residents oppose the arena near the neighborhood.
Top concerns include the deterioration of Chinatown culture, parking and traffic congestion and increasing rent.
SEE ALSO: Philadelphia 76ers propose move to new Center City arena at Fashion District, called '76 Place'
The arena, called 76 Place, would be on Market Street between 10th and 11th streets, with developers demolishing a block of the Fashion District Mall.
Demolition for the proposed area would start in 2026, construction in 2028, and open in September 2031.
76 Devcorp says they've been working with community stakeholders, and are disappointed the PCDC would reach this decision without seeing their official proposal.
Read the full statement released by 76 Devcorp on Thursday:
"It's disappointing when Market East is in the midst of economic decline and after our attempts to work with PCDC, that they would reach this decision without seeing our official proposal. Our investment will include one of the largest community benefits agreements in the history of our city and country, and focus on the priorities we've heard thus far from community stakeholders. In recent weeks, stakeholders continue to come out in support of this privately funded project at this critical time for our city. We remain committed to developing this project in a way that protects the city we love and benefits all of Philadelphia."
Action News' Nydia Han recently sat down with people on both sides of the debate to understand the issues and what Chinatown means to the community. You can learn more here or watch in the video below.