76ers to spend $300 million to build new arena as long-term economic development project in Philadelphia

2022-07-22 10:14

76ers to spend $300 million to build new arena as long-term economic development project in Philadelphia


The Philadelphia 76ers announced today that they will spend $300 million to establish a development company (76 Devcorp) to develop and build the 76ers' future new arena as part of Philadelphia's long-term economic development.


With the lease on the Wells Fargo Center, the 76ers' current home, due to expire in 2031, 76ers partners David Blitzer and Josh Harris decided to form 76 Devcorp, a purpose-built, Privately funded sports arena and built in the heart of Philadelphia.


This project aims to ensure that the new sports arena can become a major economic force in the local community, create jobs for those who need it most, and promote community development while bringing the sports arena world-class to the world.


According to Harris, this new world-class sports arena will benefit the future community development of Philadelphia. The project also adheres to the spirit of mutual benefit and can expand through this platform for concerts, sports and various large-scale events. Wait. The project is expected to cost more than $1.3 billion, but the estimated revenue of $400 million a year after opening will bring significant and long-term economic benefits to Philadelphia.


It is expected that the project will take about 10 years to complete. Since the project will have the community as an important component, it needs to cooperate with the development projects of the surrounding community, which means that the proposed project will not start construction in recent years. However, once this project is completed in the future, it will have a positive impact on players, fans and Philadelphia. The area's transportation facilities, corporate projects and tourism will also be greatly improved. The 76ers aim to build A top sports arena with huge influence.