The Philadelphia 76ers have launched ambitious plans to build the NBA side a new home within the next decade, with the franchise looking to move closer to the city's center.
The new stadium - set to be called the '76 Place' - has been granted a budget of $1.3billion, and will be located near Philadelphia's fashion district.
Josh Harris and David Blitzer, Managing Partners of the Philadelphia 76ers, annnounced the plans last week, with the pair creating a new development company '76 Devcorp' which will be tasked with the project.
Led by Philadelphia business leader David Adelman, in partnership with Harris Blitzer Sports Entertainment (HBSE), the 76 Devcorp will construct a privately funded, purpose-built sports and entertainment arena.
"The Philadelphia 76ers are a storied Philadelphia institution with a proven track record of investing in their community," said Josh Harris, 76ers Managing Partner.
"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.
"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, was the man tasked with locating where to construct the new stadium, with the eventual decision landing in Philadelphia's fashion district.
"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."