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Philadelphia 76ers Strike Deal with Comcast Spectacor for New $1.3 Billion Arena in South Philly

Jan 12, 2025, 05:47 PM

The Philadelphia 76ers have abandoned their plans to build a $1.3 billion arena in Center City Philadelphia and will instead remain in South Philadelphia, according to multiple sources. The team has struck a deal with Comcast Spectacor to build a new arena at the South Philly stadium complex. This decision comes just weeks after the Philadelphia City Council gave preliminary approval to the Center City arena project, which faced opposition from Chinatown advocates. The shift in plans was influenced by a broader agreement that includes a partnership for a revitalization project at Market East. The Sixers' current lease at the Wells Fargo Center expires in 2031, and the new arena in South Philly is expected to be ready by then. Mayor Cherelle Parker had previously endorsed the Center City project. Ryan Boyer, president of the Philadelphia Building & Construction Trades Council, expressed support for the new plan, citing more jobs for the building trades. However, City Councilmember Jim Harrity felt 'bamboozled' by the sudden change, expressing disappointment over lost tax revenue for city schools.