Long-awaited reports analyzing the potential impact of the Philadelphia 76ers’ proposed Center City arena show positive economic effects but "significant" concerns for Chinatown. The Sixers plan to build the 18,500-seat, $1.5 billion arena, called 76 Place, along Market Street between 10th and 11th streets at the site of the Fashion District mall. Four new reports commissioned by the City of Philadelphia assess the project's design and the arena's impacts on the economy, surrounding community and transportation. In a statement accompanying the reports, Mayor Cherelle Parker called them “important inputs” as she and city council consider whether to approve the Sixers’ proposal. Since it was first proposed in the summer of 2022, the arena has been a contentious topic as the Sixers have received fierce pushback from the Chinatown community because of concerns about gentrification, displacement and traffic. An economic impact report completed by CSL International found construction and operation of the proposed arena would generate $1.9 billion in net new direct spending, 710 jobs, and $390 million in combined net new tax revenue to the city, school district and state over a 30-year span. Because Chinatown’s vitality is car-dependent and the neighborhood already suffers from concerns about traffic, parking and loading, increased congestion would likely exacerbate problems for Chinatown, the report said. Read more in the Philadelphia Business Journal and the Inquirer.
Source: Philadelphia Business Journal; 8/26/2024