Mayor Parker Shares New Details on Arena on East Market Street After Reaching Historic Agreement with the Philadelphia 76ers | Office of the Mayor

Mayor Cherelle L. Parker has shared exciting new details about the proposed arena on East Market Street following a landmark agreement with the Philadelphia 76ers, which is estimated to cost $1. 3 billion. This project stands out as it will not utilize any city funds, setting a precedent for local sports facilities. During a public meeting at the Pennsylvania Convention Center, Parker and city officials discussed how the arena will not only benefit the 76ers but also serve as a catalyst for revitalizing Chinatown and the surrounding areas.

The arena is projected to create over 1,000 jobs, both in construction and ongoing operations, while a comprehensive Economic Opportunity Plan aims to ensure that employment and contracting opportunities reflect the community's demographics. Furthermore, a $50 million Community Benefits Agreement will enhance educational and economic prospects for local residents. The mayor emphasized the importance of careful stewardship of city resources and fiscal stability throughout the project's planning stages. Reports assessing the arena's potential impact have already been released, focusing on community and economic implications, design consulting, and transportation analysis. Mayor Parker expressed her commitment to ensuring that the 76ers continue to thrive in Philadelphia, underscoring the deal's potential to unlock long-needed redevelopment in the historic Market East corridor.