So what's the timeline - and is it a realistic one?
For starters, people in the area should know there won't be any immediate change to the Market East area. It'll take more than a year just for demolition to begin.
Consider it the pregame as developers prepare for the new 76Place. The Sixers are working on final project approvals, which include routine things like zoning and building permits.
Then it's full speed ahead with an aggressive timeline.
"The impact will begin once the demolition begins," said economic development expert John Boyd of The Boyd Company, which helps developers find sites for projects.
Boyd has been keeping an eye on the arena since it was first proposed.
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According to a timeline provided to Action News, the Sixers want to do demolition in 2026, start construction in 2027/28, and open the new area in 2031.
"That timeline is very doable," said Boyd. "To put this into perspective, the Clippers did their arena in two years."
The 18,500 seat arena in Center City is being designed by two companies with lots of experience with big projects which are featured on their websites.
The design company Populous designed the Sphere in Las Vegas and a new stadium that the Buffalo Bills will call home.
The other design firm, Moody Nolan, has done projects with a number of colleges and universities and designed the renovations to Cleveland Guardian Stadium.
"I know (the design companies) and they're best of class companies with respect to getting projects over the finish line," said Boyd.
The 76ers new arena will occupy the space bordered by Filbert Street on the North, 10th street on the East, 11th Street on the West and Market Street on the South.
The project will also include several adjacent properties on Market between 8th and 11th.
The condominiums that are currently there would stay and, around it, the Sixers would do mixed-use development such as residential and retail space.
"It'll be sort of a work-play dynamic for businesses to coexist and thrive near the new arena," said Boyd.
First, though, stores will have to vacate the Fashion District.
"This will take months, perhaps years," said Boyd.
Macerich is the company that owns the Fashion District. Action News reached out to request information on a timeline by which stores will have to vacate the Fashion District. As of Friday afternoon, that timeline had not been provided.