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The Philadelphia 76ers are preparing to build a new $1.3 billion arena near the city’s Chinatown — and the surrounding community wants to make sure its voice is heard.
Four local groups have formed a committee aimed at ensuring that the culture of the area isn’t wiped out by the development, and that local businesses are able to benefit from economic potential of the project.
In July, the 76ers announced the creation of 76 Devcorp — a development company responsible for building the proposed arena, which has been tentatively named 76 Place.
- 76 Devcorp is led by Harris Blitzer Sports & Entertainment co-owner David Adelman.
- Adelman owns a 10% stake in HBSE previously held by Fanatics CEO Michael Rubin.
- The 76ers’ potential new arena will be entirely privately funded.
- A new arena could be ready in time for the start of the 2031-32 NBA season.
One of the first steps in the developer’s relationship with the community will be an update to a 2017 study on the economic and social conditions of the neighborhood.
Busy Owner
The 76ers are the 10th-most-valuable NBA team at $3.15 billion, per Forbes, and owner HBSE could further expand a portfolio that also includes the NHL’s New Jersey Devils.
HBSE is mulling its options on a potential bid for iconic English club Liverpool — which is valued at $4.45 billion.
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