In a letter dated Monday, Democratic Gov. Phil Murphy's administration said it envisioned a multibillion-dollar plan in the city of Camden featuring residential, commercial and retail properties, with the Sixers as an anchor.
The proposed site would be right next to the Benjamin Franklin Bridge.
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The pitch from Economic Development Authority CEO Tim Sullivan comes as the team and Philadelphia negotiate over a future $1.3 billion arena the team had announced for the city's Chinatown neighborhood. The team has said it doesn't plan to stay at the Wells Fargo Center past 2031 when its lease is up.
Read the full letter here.
The Sixers, which already have a training complex and headquarters facility in Camden, called New Jersey's offer "thoughtful and compelling," though the team is still talking to Philadelphia leaders about a new arena in the city.
"The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season," team spokesperson Molly Mita McEndy wrote in an email. "As a result, we must take all potential options seriously, including this one."
Philadelphia Mayor Cherelle Parker wouldn't comment on New Jersey's proposal on Wednesday but made her message clear.
"The place for all Philadelphia teams is to be right here in Philadelphia, and that is a priority for me as mayor," Parker said.
Camden Mayor Victor Carstarphen is in full support of the plan, calling it a "generational investment."
"To me it would be a tear jerking moment, coming from a man who grew up in the community," he said Wednesday.
Nearby business owners mostly applauded the vision.
"I think it would be great thing. Sixers coming here would draw a tremendous amount of people into the area," said Peter Toso of NY Pizzeria.
"It would definitely bring a lot of people into town, more publicity, and I think it would be great for the community," said Erving Jones of Camden City Wellness.
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At an unrelated event in suburban Philadelphia on Tuesday, Democratic Gov. Josh Shapiro said the team wants to remain in Philadelphia and that he hasn't been asked for tax incentives or offered any.
"I love the Sixers," he said. "They belong in Philadelphia."
The team's move to Chinatown comes as some in the community worry that street parking could disappear, traffic could rise and it could be harder to hold festivals.
The Save Chinatown Coalition released a statement on Wednesday saying recent polling data from voters show more than half of all residents here in the city, not just in Chinatown, are opposed to the arena on Market.
ESPN and The Associated Press contributed to this report.