76 Devcorp begins a robust community
engagement process to help ensure proposed arena development
is a win for fans, Center City and
Philadelphia at large
PHILADELPHIA, July 22,
2022 /PRNewswire/ -- Josh
Harris and David Blitzer,
Managing Partners of the Philadelphia 76ers, announced today the
creation of a new development company, 76 Devcorp, responsible for
developing the future home of the Philadelphia 76ers. Led by Philadelphia business leader David Adelman, in partnership with Harris
Blitzer Sports Entertainment (HBSE), the Development Corporation is
pursuing a privately-funded, purpose-built sports and entertainment
arena, 76 Place, that will be located on a portion of the current
site of Fashion District Philadelphia and serve as an anchor to
Center City.
"The Philadelphia 76ers are a
storied Philadelphia institution
with a proven track record of investing in their community. That's
why we're committed to building a world-class home in the heart of
the City and creating a privately-funded arena that strengthens
ties within the local community through investments that prioritize
equity, inclusivity and accessibility," said Josh Harris, 76ers Managing Partner.
"David Adelman shares our vision for
ensuring that the new arena is an anchoring force in the local
community, creating well-paying jobs and economic opportunities for
those who need them most."
Adelman, the CEO of Campus Apartments, Co-Founder of FS
Investments and Founder of Darco Capital, was appointed Chairman of
the new development company with a mandate to locate, design and
develop a destination that serves as a world-class arena facility,
but also a lever for the City of
Philadelphia's economic growth by promoting transformative
community development, local job creation and equitable
wealth-building opportunities. He was selected to lead the
development project for his globally acclaimed accomplishments in
real estate development in Philadelphia and nationwide, as well as his
dedication to local philanthropy and investments in Philadelphia startups.
"The Philadelphia 76ers'
extensive evaluation of potential sites for an arena over the past
two years culminates today with plans to pursue the Fashion
District Philadelphia site as the proposed new home of the team,"
said Adelman. "The chosen location is a key step in the process of
developing a destination that provides Center City and surrounding communities with
an economic engine generating activity through 76ers and youth
games, concerts, events and more."
76 Devcorp carefully evaluated numerous potential sites before
determining Fashion District Philadelphia as its preferred
location. The site was selected primarily due to it being the most
transit-rich location in all of Philadelphia, the ability to redevelop an
existing commercial space, and the opportunity to play a role in
the continued revitalization of Center
City.
The Development Corporation will partner closely with Macerich
(NYSE:MAC), the managing partner of the owning entities and
operator of Fashion District Philadelphia, to realize the full
potential of the site. "At Macerich, we are constantly enhancing
our properties to bring greater value to our shareholders,
retailers and communities," said Tom
O'Hern, CEO of Macerich. "The decision to repurpose part of
Fashion District Philadelphia to include the new 76ers arena is a
natural evolution of the site and a unique and once in a lifetime
opportunity for our company. We are committed to working
collaboratively with 76 Devcorp to bring to life the vision of this
iconic development that will ensure Philadelphia's vibrancy for generations to
come."
A robust community engagement process is planned to ensure
community interests help drive the plans for the proposed
development and that it fits within the context of surrounding
communities, while also being responsive to the needs of adjacent
neighborhoods. In the spirit of this project being mutually
beneficial for the Sixers and the broader Philadelphia community, 76 Devcorp anticipates
partnering with surrounding community development groups to create
a Community Benefits Agreement that ensures the forthcoming arena
has a positive impact from the start of construction to opening and
beyond.
"Our pledge is to advance equitable, community-driven
revitalization through this project and to ensure the arena is a
win for fans, Philadelphia and the
surrounding communities," said David
Gould, 76ers Chief Diversity and Impact Officer. "We look
forward to listening to and working with the local community,
including local organizations, businesses and residents, especially
in Chinatown and Washington Square West, to develop a Community
Benefits Agreement that results in long-term positive impact."
Led by HBSE's $20 million
commitment to address disparities created by systemic racism, the
Development Corporation is committed to investing in
under-resourced communities to advance equitable, community-driven
revitalization. A major tenet of the project will be equitable
development, bringing community members to the table via new jobs
and co-development roles. 76 Devcorp will collaborate with
Mosaic Development Partners, a Black-owned, Philadelphia-based real estate development
company with experience in affordable housing and inclusive
communities. In January, Josh Harris
invested $10 million into Mosaic
Development Partners to support their innovative work to expand
equitable development across Philadelphia communities.
The new, privately-funded arena is anticipated to cost
approximately $1.3 billion. The arena
will provide $1.9 billion in overall
economic output during construction and $400
million annually upon opening to support Philadelphia's long-term economic growth and
sustainability.
"We're excited for the opportunity to build the future home of
the 76ers in Center City," said
David Blitzer, 76ers Co-Managing
Partner. "I look forward to working with David Adelman and his team to develop and build
an impactful arena for our fans, our players and the City of Philadelphia."
The development will be completed in time for the 2031-2032 NBA
season. Ground-breaking for the proposed project is not expected
for several years. The general public and fans can stay up to date
on the progress of the development project by visiting
76Place.com.
"Quite simply put, there is no better place to build an arena in
Philadelphia than in Center City, with its robust public transit
infrastructure and existing dynamic businesses eager to serve fans
and visitors alike. 76 Devcorp is inspired by many successful
sports and entertainment arenas built in dense urban centers that
promote integration with the surrounding communities. We're
dedicated to making sure this development is a win for our fans and
Philadelphia at large," said
Adelman.
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a leading
owner, operator and developer of high-quality retail real estate in
densely populated and
attractive U.S. markets, Macerich's portfolio
is concentrated in California, the Pacific
Northwest, Phoenix/Scottsdale, and the Metro New York
to Washington, D.C. corridor.
Developing and managing properties that serve as community
cornerstones, Macerich currently owns 48 million square
feet of real estate consisting primarily of interests in 44
regional town centers. Macerich is firmly dedicated to
advancing environmental goals, social good and sound corporate
governance. A recognized leader in
sustainability, Macerich has achieved a #1 GRESB ranking
for the North American retail sector for seven straight years
(2015-2021). For more information, please
visit www.Macerich.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/philadelphia-76ers-announce-entrepreneur-david-adelman-to-lead-new-arena-development-pursuing-privately-funded-development-at-fashion-district-philadelphia-site-301591504.html
SOURCE Macerich Company