Mayor Cherelle Parker endorses 76ers arena plan

Mayor Cherelle Parker is backing the Sixers' $1.5 billion arena plan in Center City. Why it matters: Parker's blessing is crucial for the stalled project to overcome strong opposition and sends a powerful signal to fellow Democratic lawmakers to fall in line.

The big picture: Parker, who's remained mum on her stance since taking office, is endorsing the plan as New Jersey and Delaware officials aggressively court the 76ers to relocate.

• The mayor called it the "right deal for the city," saying Wednesday in a video on X that it would not only keep the team in Philly but also revive the struggling Market East neighborhood.
• "It is the best financial deal ever entered into by a Philadelphia mayor for a local sports arena," she said.

Driving the news: The Parker administration has reached an agreement with the Sixers for the team's new arena and residential tower in Market East, the mayor said in a post on X. But she didn't disclose any further details, teasing that specifics would be coming soon.

• Parker's spokesperson, Chelsea Reed, declined to comment further to Axios.
• A Sixers spokesperson tells Axios the team looks forward to advancing next steps of the project with legislators.

The other side: Debbie Wei, a member of the anti-arena group Save Chinatown Coalition, said in a statement that the fight against the project will continue.

• "This was never about one person, and this fight is far from over," she said. "We are going to fight this, and we are going to the mat. It's on."

Winners: The Sixers, Philly fans, and city unions.

• The team could stay in its longtime home and not forsake its fanbase in the city .
• Meanwhile, construction of the arena would create hundreds of union jobs for years. Parker has strong ties to the building industry.

Losers: Chinatown and the Wells Fargo Center .

• A city study found the project would likely increase traffic and property values in Chinatown without much benefit to most businesses in the neighborhood.
• The Wells Fargo Center, where the Sixers currently play, risks losing a tenant and competing against a newer arena for events.
• The center's owner, Comcast Spectacor, is reiterating its offer for the Sixers to remain in South Philly, CEO Dan Hilferty said in a statement.

📐The latest design: The 18,500-seat arena and 20-story residential tower would include street-level retail open throughout the year and a pedestrian promenade.

Zoom out: Parker's support comes amid growing pressure on the team to relocate.

• New Jersey is offering massive tax incentives for the 76ers to move to Camden .

What's next: The mayor said she'll send required legislation for the project, like zoning changes, to City Council but gave no timeline.

• Legislators are expected to wait at least 30 days before introducing any arena-related bills in City Council to allow for community feedback.