A proposed new $1.3 billion arena for the Philadelphia 76ers would create more than 1,000 construction and operations jobs.
The project also is paired with an Economic Opportunity Plan (EOP) that would ensure employment and contracting opportunities during construction and operation benefit individuals and businesses in the community.
“The proposed 76ers Arena in Center City offers far-reaching opportunities that the signify economic growth and the need for an expanded workforce,” H. Patrick Clancy, Philadelphia Works president and CEO, said. “This historic project offers a transformative moment for the Market East area, turning it into an economic engine poised to generate a multitude of job opportunities across all skill levels and industries. We support such endeavors that align with our primary goal of empowering Philadelphia’s labor force and enhancing the economic fabric of the city.”
The enclosed arena would include a 30-year lease and is projected to generate more than $700 million in new tax revenue. The city would not be providing any taxpayer money to finance the project.
“76 Place is the single largest development project Philadelphia has seen in the past 50 years,” Mark Lynch, Jr., IBEW Local 98 business manager, said. “Our members construct buildings for a living and 76 Place will provide thousands of good paying union construction jobs that will last a decade. It will also create more than 1,000 arena jobs upon its opening. Beyond that, 76 Place will bring additional outside investments that will benefit Chinatown and finally revitalize the long-dormant Market East corridor. We are indebted to Mayor Parker for her vision and leadership.”
The agreement includes a $50 million Community Benefits Agreement, a record for a local sports team, that would make investments in education and economic opportunities citywide.
The legislative package will be available for public comment for 30 days.
Mayor Cherelle L. Parker and city officials held a public meeting Wednesday at the Pennsylvania Convention Center to provide details and updates on the arena proposal.