On Wednesday afternoon, Mayor Cherelle Parker announced her intention to present City Council bills aimed at supporting the construction of a new arena for the Philadelphia 76ers in the Market East area of Center City.
In a video shared on her X/Twitter account @PhillyMayor, Parker explained her support for the project, which follows a listening session held a week earlier with both supporters and critics of the 76 Place proposal.
This initiative is expected to attract over $1 billion in private investment from the basketball team and generate 9,100 construction jobs. If the City Council approves the plan, the arena could be operational by 2031.
Parker emphasized that this project represents an unprecedented economic opportunity for the city and signifies a major revitalization of Market Street, Philadelphia’s original commercial corridor.
While Parker’s announcement came during a meeting with stakeholders from Chinatown—who oppose the arena due to concerns about its impact on their community—she acknowledged their worries about traffic, parking, and potential gentrification. Although studies commissioned by the city did not indicate that the arena would directly displace residents or businesses, there are fears about increased gentrification pressures.
John Chin, executive director of the Philadelphia Chinatown Development Corporation, expressed his apprehension regarding the decision but noted that Parker had negotiated a $50 million community benefits agreement with the Sixers for the neighborhood. He remains concerned that the negative effects on traffic from the proposed 18,500-seat venue have not been sufficiently addressed.
Despite these concerns, the African-American Chamber of Commerce expressed gratitude to Parker for her decision, highlighting that the Sixers have committed to ensuring a 40% participation rate for Black-owned businesses in related opportunities.
While Parker did not take questions from reporters after her announcement, she is expected to provide a formal presentation explaining her rationale next week. The City Council will need to vote on the legislative package to approve the project. First District Councilmember Mark Squilla indicated that he anticipates receiving this legislation during Parker’s upcoming presentation.
Squilla has promised to give his Chinatown constituents 30 days to review the proposals, which likely means that they will be introduced at the council session on October 24. This timeline allows approximately seven weeks for passage through committees and council before the end of the 2024 schedule on December 12.
Ryan Boyer, business manager for the Building Trades Council, also voiced support for the arena in a statement released Wednesday, urging City Council members to look beyond sensational headlines and endorse its development.
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