On September 18, 2024, Philadelphia Mayor Cherelle L. Parker announced a tentative agreement to keep the Philadelphia 76ers in the city, signaling a significant milestone for local sports. The proposed deal, which is pending approval from the city council, involves constructing a new arena in Center City, a move Parker describes as “historic” and potentially the best financial arrangement ever made by a Philadelphia mayor for a sports facility.
The new arena is set to be located on Market Street East, an area described by reporters from The Philadelphia Inquirer as “beleaguered.” Mayor Parker emphasized that this project will not only enhance the city’s sports landscape but also generate vital tax revenue for both the city and local schools, create hundreds of jobs, and spark a revitalization of the Market Street area.
However, the proposal has faced opposition from community members, particularly from residents of Chinatown, who have expressed concerns about the development. Following a meeting with Chinatown leaders, dozens gathered outside City Hall to protest the arena, vowing to continue their fight against the project. The community’s sentiments highlight the complexities involved in urban development and the need for dialogue between stakeholders.
This agreement comes on the heels of a competing offer from New Jersey, which proposed $400 million in tax credits for a new multi-purpose arena once the Sixers’ lease at Wells Fargo Arena ends in 2031. Currently, the Sixers rent the Wells Fargo Arena from Comcast Spectacor and are eyeing a $1.3 billion facility pending location confirmation.
The Sixers responded positively to Mayor Parker’s announcement, expressing gratitude for the city’s efforts in evaluating their proposal. Their statement reflects optimism about moving forward with the city council and advancing the plans for the new arena, marking a hopeful chapter for the franchise and its su
pporters.