Philadelphia Mayor Announces $1.3 Billion Agreement for 76 Place Arena in Center City

Sep 18, 2024, 07:13 PM

Philadelphia Mayor Cherelle Parker announced that an agreement has been reached with the Philadelphia 76ers to build a new arena in Center City, ensuring the team remains in the city. The proposed $1.3 billion to $1.5 billion arena project, named 76 Place, requires legislative approval and has faced opposition from residents in nearby Chinatown. Despite this, Parker expressed confidence in the deal, emphasizing its benefits for the city and calling it the best financial deal ever entered into by a Philadelphia mayor for a local sports arena. The 76ers, whose lease at the Wells Fargo Center expires after the 2030-31 season, were considering a move before this agreement. The City Council will vote on the location for the new arena.