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:2025-04-18 18:30:45
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! (4)
Related
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Taylor Swift Cancels Austria Concerts After Confirmation of Planned Terrorist Attack
- The GOP and Kansas’ Democratic governor ousted targeted lawmakers in the state’s primary
- 'Stranger Things' prequel 'The First Shadow' is headed to Broadway
- Why Sean "Diddy" Combs Is Being Given a Laptop in Jail Amid Witness Intimidation Fears
- Lessons for Democracy From the Brazilian Amazon
- Charm Jewelry Is Back! How To Build the Perfect Charm Bracelet and Charm Necklace
- Golf's No. 1 Nelly Korda looking to regain her form – and her spot on the Olympic podium
- Trump wants to turn the clock on daylight saving time
- Matt Damon remembers pal Robin Williams: 'He was a very deep, deep river'
Ranking
- 'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
- St. Louis lawyer David Wasinger wins GOP primary for Missouri lieutenant governor
- Giants, Lions fined $200K for fights in training camp joint practices
- Gypsy Rose Blanchard Reveals She Just Hit This Major Pregnancy Milestone
- Senate begins final push to expand Social Security benefits for millions of people
- Olympic track star Andre De Grasse distracted by abuse allegations against his coach
- Simone Biles, an athlete in a sleeping bag and an important lesson from the Olympics
- Eva Mendes Shares Message of Gratitude to Olympics for Keeping Her and Ryan Gosling's Kids Private
Recommendation
Scoot flight from Singapore to Wuhan turns back after 'technical issue' detected
Sarah Hildebrandt gives Team USA second wrestling gold medal in as many nights
'I'm a monster': Utah man set for execution says he makes no excuses but wants mercy
Immigration issues sorted, Guatemala runner Luis Grijalva can now focus solely on sports
Senate begins final push to expand Social Security benefits for millions of people
Hidden Home Gems From Kohl's That Will Give Your Space a Stylish Refresh for Less
High-profile former North Dakota lawmaker to plead guilty in court to traveling for sex with a minor
US artistic swimmers inspired by past winners on way to silver medal