The Philadelphia 76ers are considering their choices for a new location, and New Jersey is being seen as a strong candidate. Officials are exploring all options to make sure the new arena is completed by the 2031-32 NBA season as the team’s lease at the Wells Fargo Center ends in 2031.
New Jersey’s Tempting Offer
New Jersey state officials contacted the leadership of the 76ers on Monday, proposing tax credits totaling $800 million. They suggested constructing a new arena in Camden, which is only a five-mile distance from Philadelphia, across the Delaware River. The deal consists of $400 million in tax credits for the stadium and a mixed-use project, as well as an extra $500 million in special-purpose bonds supported by ticket, concession, and parking charges.
Philadelphia’s Proposed Arena Faces Hurdles
In the meantime, the 76ers have been actively seeking a $1.55 billion arena development in Philadelphia, close to the city’s Chinatown district. Although the proposal has the support of the investment group 76DevCo, the city has been sluggish in granting approval. Consultants hired by Philadelphia raised worries about how the arena could affect Chinatown’s cultural identity. Construction cannot commence until a minimum of 11 bills are approved by the City Council.
Time is Ticking
The team is aware that time is running short. 76ers spokesperson Molly Mita McEndy emphasized the importance of considering all possible choices. Approval from both the city and state is required by 2024 in order to keep the project on schedule for a 2031 opening. As delays persist, the New Jersey proposal becomes more appealing.
Strong Ties to New Jersey
The 76ers have already established a presence in New Jersey, housing their offices and practice facility in Camden since 2016. Harris Blitzer Sports & Entertainment, the owner of the 76ers. He also possesses the New Jersey Devils and the Prudential Center in Newark.
The 76ers are committed to building a cutting-edge arena for fans and players, whether in Philadelphia or Camden.
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