More details revealed about Parker's Philadelphia 76ers' arena deal | What you should know
PHILADELPHIA (WPVI) -- In front of a packed Pennsylvania Convention Center Wednesday night, Philadelphia Mayor Cherelle Parker detailed an agreement reached with the 76ers to build an arena in Center City.
Parker says she is taking "full responsibility" for the controversial deal.
"76 Place presents an unprecedented opportunity to unlock that long-needed development and revival on East Market Street," said Parker.
The mayor's goal is to revive businesses along the Market East corridor from City Hall, all the way through Old City and Penn's Landing down to the river.
Parker's administration calls the full vision for the 76ers arena and the Market East corridor, "Beyond the Basketball."
According to the agreement, the Sixers will finance the entire $1.3 billion project. No city funding is slated to be involved.
Watch the full meeting here:
The agreement also calls for investment in businesses, neighboring communities and the city's schools.
The mayor says the arena could generate $700 million in new tax revenue for the city and school district -including $50 million to support neighboring communities, along with the creation of over 1,000 jobs.
Those who oppose the arena protested outside the meeting on Wednesday. They're worried about traffic, parking and potentially being priced out of Chinatown.
The mayor circled back to her pledge to preserve the Chinatown, which is just over a block from the site.
"There is no demolition of any buildings or structures in Chinatown to enable this project," Parker promised.
Another part of the plan also includes a $50 million agreement the Sixers would give the city to mitigate traffic and safety issues, and support surrounding communities.
"This is in order to achieve the greatest impact and mitigate issues on the Chinatown community as the arena is being built," said City Solicitor Renee Garcia.
The city released 11 ordinances and resolutions on Wednesday dealing with zoning, parking real estate and more.
The mayor says her administration will hold town halls across the city to answer questions and show how she says the plan will address those concerns.
"Anyone who has any challenges with what is contained in this agreement, you no longer have the Philadelphia 76ers as the villain where. I am Cherelle L. Parker. I am the 100th mayor of the city of Philadelphia. I am proud and take full responsibility for what is included in this agreement, and I look forward to the legislative process," she said.
However, there is more opposition to the plan. A group called No Arena Gayborhood will hold a press conference on Thursday, advocating for the preservation of that neighboring community.
Demolition is expected to start in 2026 if the plan is approved by City Council. Construction would then start in 2028 followed by an opening in 2031.
A link to the full presentation can be found here.
Last week, Parker officially announced the deal forged with the NBA franchise.
"This is a historic agreement," Parker said in a video posted on the social platform X. "I wholeheartedly believe this is the right deal for the people of Philadelphia."
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The decision came just weeks after New Jersey's governor offered $400 million in tax breaks to build the site across the river in Camden.
The team's proposed arena would be located about a block from Chinatown and has been a hotbed of controversy since it was announced.
"It is outlandish that the mayor is unilaterally trying to impose a CBA on a project that lacks even the most basic studies on housing and rent costs, impacts on small businesses, livability, and transit access," said Vivian Chang, the executive director of Asian Americans United in a statement Wednesday night.
"To the people of Chinatown, please know that I hear you. We have the best Chinatown in the United States, and I am committed to working together to support it," Parker said when she announced the deal.
Chinatown activists who have felt the squeeze of development repeatedly since at least the 1990s had urged the mayor to reject the plan. They are only now getting some relief from a sunken expressway that cleaved their community in two in 1991, in the form of a $159 million grant to build a park over the six-lane highway and reconnect the area.
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The basketball team has vowed not to renew the lease on their current home, a circa 1996 arena in the city's Wells Fargo Center when their lease runs out in 2031.
The team now rents the arena from Comcast Spectacor, which also owns the Philadelphia Flyers of the NHL, who also play there. Instead, the Sixers' owners want their own, more modern facility, one they could also rent out for concerts and other events.
In a statement, the 76ers said, "We are grateful to Mayor Parker and her team for their time and diligence in evaluating our proposal and look forward to advancing to the next steps with City Council."
Parker, who inherited the 76ers issue when she took office in January, had promised to consider their input but activists have complained that she has allegedly ignored it. They say the project will increase vehicle traffic in their pedestrian-friendly neighborhood and force vulnerable residents -- older people, low-income families and new immigrants -- out.
Comcast Spectacor Chairman and CEO Daniel J. Hilferty said they will keep the door open for the 76ers as the plan unfolds while working with the Phillies to expand entertainment venues and jobs at the South Philadelphia complex.
"Either way, we always want what is best for Philadelphia," Hilferty said in a statement.
