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76ers plan to build new $1.3 billion arena in Philadelphia

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76ers plan to build new $1.3 billion arena in Philadelphia
USA Today Network

The Philadelphia 76ers unveiled plans on Thursday to build a new $1.3 billion arena in downtown Philadelphia. The arena will be privately funded, and the name of the stadium will be 76 Place. The Sixers can start playing in the facility in the 2031-32 season.

David Blitzer and Josh Harris, the team’s managing partners, announced the construction project with their new company. The arena will be built in the city’s Fashion District. Wells Fargo Center, the 76ers’ current stadium, broke ground on Sept. 14, 1994. It later opened two years later on Aug. 13, 1996.

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Harris commits to the construction of 76 Place

In a live press conference, Harris released this statement: “The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community.”

“That’s why we’re committed to building a world-class home in the heart of the city and creating a privately funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility.”

The 76ers’ lease for Wells Fargo Center expires in 2031. Comcast Spectator is the arena’s owner. They have spent an estimated $350 million on renovations for Wells Fargo Center since the early 2000’s. Comcast Spectator will continue its partnership with the arena until at least 2031.

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Comcast Spectator released a statement for 76ers fans

A public spokesman for Comcast Spectator announced this message in a press release: “We’re invested hundreds of millions of dollars alongside the city, Phillies and Eagles to make the South Philadelphia Stadium District an incredible destination for sports, entertainment and our passionate fans.”

“We think it rivals any in the nation and will continue to draw the best events; the 2016 FIFA World Cup is a perfect example.”

Along with the 76ers, the other listed tenants at Wells Fargo Center include the Flyers (NHL), Villanova Wildcats (NCAA), Phantoms (AHL), Wings (NLL) and Soul (AFL).

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James is a Basketball Insiders contributor. He earned his bachelor's degree in English and Creative Writing at Southern New Hampshire University. James enjoys watching sports and helping gamblers win money.

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