Philadelphia 76ers look to build new $1.3 billion arena

PHILADELPHIA (AP) — The Philadelphia 76ers are taking the first steps toward building a privately-funded sports and entertainment arena.

The team’s managing partners on Thursday announced the creation of a new development company to create its future home in the city’s Fashion District. They say 76 Place is anticipated to cost about $1.3 billion. Josh Harris and David Blitzer say in a news release they’re committed to creating “a privately funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity and accessibility.” Groundbreaking is not expected for several years and the project is expected to be finished in time for the 2031-2032 NBA season.

The Sixers currently play at Wells Fargo Center.

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