A new event venue is coming to Philadelphia, Pennsylvania. The NBA’s Philadelphia 76ers have won approval from the Philadelphia City Council for the construction of a new $1.3 billion downtown arena, to be called 76 Place at Market East. The new stadium will be located in the Market East corridor of Philadelphia’s Center City central business district. The arena will feature approximately 18,500 seats and 10,000 square feet of retail space and is set to open in 2031.
In a prepared statement, Philadelphia Mayor Cherelle Parker says the construction will be a “historic, game-changing economic development project,” and benefit the entire city. However, the decision has been met with much opposition from residents of nearby Chinatown and other activists, who fear the arena will contribute to a loss of local culture and congested traffic, as well as rising rent costs. Several dozen protesters with the No Arena in the Heart of Our City coalition came to the center of the council floor on the day of the meeting, locking arms and refusing to leave in an attempt to stop the approval. Despite these efforts, the council voted 12-5 to approve the project.
Supporters hope the arena can help revive the distressed Market East retail corridor, which runs from Philadelphia City Hall to the Liberty Bell. The area has struggled for years despite several redevelopment efforts. The 76ers owner, Harris Blitzer Sports & Entertainment, has vowed not to seek funding from the city or use taxpayer money to fund the project, but will instead use a combination of equity and debt, as well as revenue from advertising and sponsorships for funding purposes. The company has stated that should the project qualify for existing state or federal funding programs, it will be open to exploring those options.
In addition, the council approved a $60 million community benefits agreement the 76ers will pay into that will aid in providing affordable housing in the area, address parking and traffic control issues, and issue support for local businesses. This budget increased by $10 million from the original one proposed by the team, an effort pushed for by Council President Kenyatta Johnson. Now that legislation has passed, demolition of sections of the Fashion District Philadelphia shopping mall will commence in June 2026 to make way for the stadium, and construction will formally begin in August 2028.
