The Philadelphia 76ers announced on Thursday the establishment of a development company that will be tasked with overseeing the construction of the team’s new arena at the heart of Center City Philadelphia.
Expected to be completed before the start of the 2031-32 season, the project is expected to cost $1.3 billion, the entirety of which will be privately funded. “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,” 76ers co-owner Josh Harris stated.
After spending the last two years scouting for a location, the development company, 76DevCorp, decided on Center City’s Fashion District due to it being highly accessible by public transport systems.
Both the 76ers and the NHL’s Philadelphia Flyers currently play their home games at the Wells Fargo Center. While no plans have been announced as of yet for the Flyers to join their hockey counterparts at the new arena, talks are currently in place for this possibility.
