Philadelphia 76ers announce plan for new $1.3 billion arena in Center City

The Philadelphia 76ers are planning a move to downtown.

The 76ers announced plans for a new privately funded arena right in the Fashion District area of Center City. The new development, called “76 Place,” is expected to cost about $1.3 billion.

"The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community," 76ers managing partner Josh Harris said in a statement. "That's why we're committed to building a world-class home in the heart of the city and creating a privately-funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility."

The 76ers currently play at the Wells Fargo Center, which sits south of downtown right off the Delaware River. That arena, which they split with the Philadelphia Flyers, first opened in 1996. It is one of the oldest arenas in the league.

The current plan for the new arena will demolish a block of a shopping center located at 10th and Market Streets. That block sits at a key transit site in the city, as a subway stop, a SEPTA station and a PATCO train station are all within a short walk.

The project has construction starting in 2028, and will open when the 76ers’ current lease at the Wells Fargo Center expires in 2031. It’s unclear if the new venue will host the Flyers, too. Philadelphia is on a short list as a potential WNBA expansion city, too.

The team said it will provide a $1.9 billion economic output during construction, and $400 million annually once it’s open.

"We are going to have our own Madison Square Garden," but newer, with a "world-class team in a new shiny arena," apartment developer David Adelman, who is partnering with the 76ers, told The Philadelphia Inquirer.

The 76ers are the second team in the league to make plans for a new arena. The Los Angeles Clippers are currently building the Intuit Dome in Inglewood, California, next to SoFi Stadium — which will move them out of their shared home with the Lakers at Crypto.com Arena in 2024.

This article originally appeared on Yahoo Sports at https://sports.yahoo.com/philadelphia-76ers-announce-plan-for-new-13-billion-arena-in-center-city-223151853.html