Current:Home > FinancePhiladelphia mayor reveals the new 76ers deal to build an arena downtown -Wealth Pursuit Network
Philadelphia mayor reveals the new 76ers deal to build an arena downtown
View
Date:2025-04-12 09:29:24
PHILADELPHIA (AP) — Philadelphia’s mayor has revealed the terms of the deal negotiated with the city’s pro basketball team for a new $1.3 billion arena downtown.
The agreement reached earlier this month calls for the Philadelphia 76ers to finance the entire project, with no city funding involved. There is, however, a provision that would let the NBA team make annual payments in lieu of taxes averaging $6 million per year. The agreement also calls for a $50 million investment in businesses, neighboring communities and the city’s schools to blunt the project’s impact, Mayor Cherelle Parker said during a news conference Wednesday night.
“I truly am proud having made this decision and negotiated an agreement that will definitely ensure that our Sixers are staying home right here in Philadelphia, where they should be,” Parker said.
City officials also released drafts of the nine bills and two resolutions needed to authorize the project, including measures that allow the city to acquire the arena property and change zoning rules. Parker said her administration would hold a series of town halls in the coming months where residents could discuss concerns about the proposal.
Team owners say their planned “76 Place” project would improve a struggling retail corridor near City Hall and capitalize on the city’s public transit. They also have vowed not to renew the lease on their current space, a circa 1996 arena in the city’s South Philadelphia sports complex, when their lease runs out in 2031.
The proposal has drawn significant opposition from activists in the city’s Chinatown area, who fear it would disrupt or displace residents and businesses. They say the city has ignored concerns that the project will increase vehicle traffic in their pedestrian-friendly neighborhood and force vulnerable residents — older people, low-income families and new immigrants — to move out. Parker on Wednesday renewed her pledge to preserve the area, which is just over a block from the proposed arena site.
If ultimately approved by the City Council, demolition work in the area would begin in 2026 with construction starting two years later. Officials hope to open the arena in time for the 76ers’ 2031-32 season.
veryGood! (97558)
Related
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- How Travis Kelce Reacted When Jason Sudeikis Asked Him About Making Taylor Swift an Honest Woman
- South Korea says North Korea is sending even more balloons carrying garbage across border
- Firefighters make progress, but wildfire east of San Francisco grows to 14,000 acres
- Former longtime South Carolina congressman John Spratt dies at 82
- Need a pharmacy? These states and neighborhoods have less access
- Inter Miami vs. St. Louis City SC highlights: Messi scores again in high-octane draw
- Shocking revelations from 'Life & Murder of Nicole Brown Simpson' Lifetime documentary
- Pressure on a veteran and senator shows what’s next for those who oppose Trump
- Organizers say record-setting drag queen story time reading kicks off Philadelphia Pride Month
Ranking
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Inter Miami vs. St. Louis City SC highlights: Messi scores again in high-octane draw
- A mass parachute jump over Normandy kicks off commemorations for the 80th anniversary of D-Day
- Need a pharmacy? These states and neighborhoods have less access
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- Florida architects prepare for hurricane season and future storms: Invest now or pay later
- Caitlin Clark back in action: How to watch Indiana Fever vs. New York Liberty on Sunday
- Eiza González defends Jennifer Lopez, takes aim at 'mean' criticism: 'So disturbing'
Recommendation
Chuck Scarborough signs off: Hoda Kotb, Al Roker tribute legendary New York anchor
Arizona tribe temporarily bans dances after police officer is fatally shot responding to disturbance
GameStop leaps in premarket as Roaring Kitty may hold large position
A mass parachute jump over Normandy kicks off commemorations for the 80th anniversary of D-Day
Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
Seize These Dead Poets Society Secrets and Make the Most of Them
‘Garfield,’ ‘Furiosa’ repeat atop box office charts as slow summer grinds on
Caitlin Clark back in action: How to watch Indiana Fever vs. New York Liberty on Sunday