Mayor Parker details terms to build new 76ers arena in Center City

Philadelphia Mayor Cherelle Parker explained the terms of the agreement with the 76ers to build a new arena in Center City during a presentation on Wednesday night as she prepares to send legislation to the City Council for approval.

Parker unveiled the details of the arena proposed on East Market Street to a crowd of hundreds of people during a public meeting at the Pennsylvania Convention Center.

The 80-page PowerPoint presented by the Mayor detailed the background and guiding principles, as well as the agreement highlights and details, and how the arena will go “beyond the basketball”.

Important Agreement highlights:

• The agreement keeps the 76ers playing in Philadelphia at least until 2061.
• The Sixers will be financing the ~$1.3 billion project with no City funds.
• 76 Place is expected to create over a thousand construction and operations jobs and is paired with a historic Economic Opportunity Plan to ensure employment and contracting
  opportunities (during construction AND operations) benefit individuals and businesses
  reflective of the community at-large.
• The $50 million community benefits agreement (CBA) will support nearby communities
  and make citywide investments in education and economic opportunity.
• The CBA investments will help jumpstart a broader, City-led focus on Chinatown
  aimed at ensuring its ongoing vitality and strengthening this treasured community.
• 76 Place is projected to generate over $700 million in new tax revenues for the City
  and School District.
• 76Place presents an unprecedented opportunity to unlock long-needed redevelopment on Market East – creating jobs, generating additional tax revenue, and bringing vibrancy to a key commercial corridor.

If the arena is agreed upon, demolition of the 1000 block portion of the Fashion District and the former Greyhound bus depot will begin in 2026, construction will start in 2028, and the Arena is expected to open in fall 2031.

In terms of how this will benefit the city financially, Mayor Parker highlighted:

• The Sixers will make an average payment of $6.0M/year over 30 years or $5.5M/year in the first year of operations escalating 10% every 10 years during a 30-year base term.
• The negotiated agreements are more than two times larger than any other arena/stadium:
  • Wells Fargo Center: $2.52M/year
  • Eagles: $2.25M/year
  • Phillies: $1.25M/year

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