Exciting News for Basketball Fans in Philadelphia!
Philadelphia’s mayor has just announced the details of a groundbreaking deal with the city’s beloved pro basketball team for a state-of-the-art $1.3 billion arena in the heart of downtown.
The agreement, which was reached earlier this month, will see the Philadelphia 76ers funding the entire project without any city funding involved. As part of the deal, the team will make annual payments in lieu of taxes averaging $6 million per year. Additionally, there will be a $50 million investment in local businesses, neighboring communities, and schools to offset the project’s impact.
Mayor Cherelle Parker expressed her pride in securing this agreement, ensuring that the Sixers will remain in Philadelphia where they belong. She also unveiled plans for a series of town hall meetings where residents can share their thoughts on the proposal.
The proposed “76 Place” project aims to revitalize a struggling retail area near City Hall, leveraging the city’s public transit infrastructure for accessibility. The team has committed to not renewing their lease at the current arena in South Philadelphia, making way for the new development.
However, the project faces opposition from activists in Chinatown, who are concerned about potential disruptions and displacement. Despite these challenges, Mayor Parker has assured that efforts will be made to protect the community.
If approved by the City Council, the demolition work is set to commence in 2026, with construction following shortly after. The goal is to have the new arena ready for the 2031-32 NBA season.
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