Opponents of proposed new 76ers arena protest in Philadelphia Saturday

PHILADELPHIA (CBS) -- The Save Chinatown Coalition held a rally and march in Philadelphia on Saturday against the proposed new 76ers arena, 76 Place .

The Sixers, who currently play at Wells Fargo Center in the South Philadelphia Sports Complex, have proposed building an arena in Center City next to Chinatown — in an area bounded by Market, Filbert, 10th and 11th streets.

The team and its development arm, 76 Devcorp, want to build the arena and a mixed-use high-rise building with about 395 units on the site, home to the former Greyhound bus terminal and part of the Fashion District Philadelphia mall.

However, the proposal has been met with pushback from groups like SCC, who say the development could harm the Chinatown neighborhood.

One of the impact studies on the proposal found that half of the small businesses in Chinatown "are not positioned to benefit from the Arena and may experience negative impacts."

Another study found that traffic associated with the arena would only be manageable if 40% of attendees drove to the games and 40% took public transportation.

The economic impact study of the project said the arena would bring jobs to the area, as well as $390 million in new tax revenue and $1.9 billion in new economic activity.

SCC said thousands of people would attend the event and that it's one of many planned this fall.

The rally began around 1 p.m. at City Hall and demonstrators planned to move down Market Street and head up 11th Street, right past the site of the proposed arena.

Pennsylvania State Senator Nikil Saval, who represents the state's First Senatorial District, where Chinatown is located, said he came to the rally to amplify the voices of his constituents.

"The impact reports say in as plain language as impact reports can say that Chinatown will be destroyed," Saval said.

Shawmar Pitts, policy coordinator and co-director of Philly Thrive said he believes the arena is a "horrible" decision.

"It follows a pattern that's going on in our city where developers want to displace people who they see as insignificant," Pitts said.

Pari Pancholy, a fourth-year medical student, said she worries about the possible traffic the arena's business may create and its potential impact on the hospital systems.

"I think having an arena would just kinda heighten all the issues that we already face," Pancholy said.

The Sixers declined to comment on Saturday's demonstration.