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76ers and Philadelphia Reach Agreement on New Arena

Philadelphia Mayor Cherelle Parker announced via video on X that the city has reached an agreement to keep the 76ers new arena in Philadelphia near Chinatown. Parker said that details of the agreement will come at a later date, and that the agreement is not yet official.

This announcement comes weeks after the New Jersey Economic Development Authority and State of New Jersey pitched $800 million in economic incentives to the 76ers to redevelop the site of the former Riverfront State Prison in Camden, ultimately bringing the historic NBA franchise’s new arena to New Jersey.

A letter sent to Harris Blitzer Sports Entertainment, the company that owns the 76ers, said that the project may be able to get two separate tax credits worth up to $400 million each through the Aspire program. One tax credit would go toward the arena and another would be for the mixed-use development around the arena, according to the NJEDA.

“We envision a multi-billion dollar, privately-led comprehensive mixed-use development north of the Ben Franklin Bridge that would serve as a transformative catalyst for Camden and New Jersey,” the letter reads. “Anchored by a world-class arena, we believe that this project will enable development of significant residential, commercial, and retail offerings within the City of Camden. We also recognize the importance of incorporating open space and pedestrian-friendly amenities into this potential game-changing development project for our state.”

Harris Blitzer Sports Entertainment already has roots in New Jersey, having purchased the New Jersey Devils in 2013, as well as opening a 76ers practice complex in Camden in 2016.

In response to New Jersey’s proposal, the 76ers said, “We appreciate Governor Murphy and the NJEDA for presenting a thoughtful and compelling vision for the revitalization and economic growth of Camden, a city we are already committed to through our Training Complex. We have worked tirelessly for the past five years to build an arena in Philadelphia. [The reality is] we must take all potential options seriously, including this one.”

In Philadelphia, the 76ers have proposed building a new arena in Market East between 10th and 11th streets — a location that, according to team owners, would help revitalize the struggling retail corridor near City Hall and capitalize on the city’s public transit. The 18,500-seat facility would have ground floor retail shops and host not only sporting events, but concerts, performances and community gatherings.

However, there has been pushback from Chinatown activists and residents regarding overdevelopment of the community, including calls for the mayor to reject the new arena plan for the area entirely.

“To the people of Chinatown, please know that I hear you. We have the best Chinatown in the United States, and I am committed to working together to support it,” Mayor Parker said.

While the nature of today’s announcement may not entirely spell the end of New Jersey’s bid to woo the 76ers to the Garden State – it still needs to be approved by the Philadelphia City Council, as well as overcome opposition from residents of Chinatown – the chances are certainly slimming.

Last week, Gov. Phil Murphy said, “I want to say up front, it’s not clear that we’re going to win this. The Philadelphia 76ers, they’ve been there a long time. [But] this [would] transform Camden.”

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