New Fronts Open In 76ers Arena Battle: NJ Offers $800M Relo Bonus, Current Landlord Floats Another Use For Arena Site
Leaders on both sides of the Delaware River are sharing new proposals amid the war over a new 76ers arena in Center City.
In a shot across the bow, New Jersey is doubling down on bringing the 76ers to Camden with an $800M tax break offer. Meanwhile, the NBA team's current landlord is proposing turning the Fashion District mall into lab space instead of the Sixers' new home.
On Monday, New Jersey sent a letter proposing tax incentives and a bond to the NBA team if they relocate to Camden instead of Center City, ROI NJ reported. And as the shot clock winds down, the basketball team's leadership is considering the offer, a spokesperson said in a statement.
“We have worked tirelessly for the past five years to build an arena in Philadelphia and negotiations remain ongoing with city leadership regarding our proposal at Market East,” the 76ers spokesperson said.
“The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season. As a result, we must take all potential options seriously, including this one.”
The letter from the New Jersey Economic Development Authority envisions a mixed-use arena north of the Ben Franklin Bridge, just minutes from Philadelphia, a follow-up to its original July 18 overture for the team to relocate over the water.
The 76ers' existing plans call for building an 18,500-seat arena in Center City with their own money, some $1.5B, if the city allows it. Work would have to start by 2026 for the facility to be ready by 2031, when the basketball team’s lease at South Philadelphia's Wells Fargo Center expires.
The offer follows last week's release of independent city-sanctioned studies on a Center City arena's impacts.
Those studies generated more backlash over the controversial project from community organizers and others. Also in the camp against the new arena is the 76ers' current landlord, Comcast Spectacor, which is floating its own plan for the property where the new arena would be built: an innovation hub for biomedical research.
The plan was proposed hours before the studies were published, according to The Philadelphia Inquirer, and Spectacor Chief Revenue Officer Todd Glickman and another representative presented plans for the lab project to the Washington Square West Civic Association on Aug. 26, a spokesperson for Comcast Spectacor confirmed to Bisnow.
The firm's proposal to replace the flagging Fashion District mall with lab space competes with 76 DevCo’s plans to tear down part of it to make way for an arena. In a statement, Spectacor CEO Dan Hilferty reiterated that the company hopes to work with the 76ers to build an arena elsewhere and it could happen quickly if they stick together.
“If the 76ers decide to stay in South Philadelphia, Comcast Spectacor also recognizes the need to revitalize Market East,” Hilferty said. “As a long-time corporate citizen, we are committed to being part of the solution for Market East. We felt a responsibility to share an alternative solution that creates benefits for all community members and enhances Philadelphia’s vibrant downtown.”
The Inquirer reported that nearby Thomas Jefferson University Hospital has expressed interest in the proposed lab space, which has not been presented to the city of Philadelphia or any other official yet, according to a Bisnow review of public documents.
The 76ers and 76DevCo didn't respond to requests for comment on the innovation lab proposal for the Fashion District.
