Philadelphia’s president is throwing her aid and the might of City Hall behind the 76ers ‘ long-proposed fresh market in Center City.
Democrat Cherelle Parker announced in a video posted on social media late on Wednesday evening that she is backing the team’s effort to develop 76ers Place at Market East, a proposed$ 1.3 billion place, in the heart of the city. She stated in the movie,” I completely agree that this is the best financial deal that a Philadelphia mayor has previously reached for a local sports industry, and I think it is the best deal for the people of Philadelphia.”
The complete details, including the technology’s financing, may be presented to town committee for approval at an unknown date.
A team official told Sportico in an email that” we are glad to Mayor Parker and her staff for their time and dedication in evaluating our request. We look forward to the next steps with capital council.”

In July 2022, the 76ers publicized plans to build a fresh area, with design to commence in 2028 and to be completed for the 2031-32 NBA season. The request has received a lot of negative press because it might have a negative effect on the Chinatown neighborhood right next door, according to activist groups who claim that Capital One Arena has caused Chinatown’s population to decrease. Additionally, it has been argued how the new area might cause a decrease in provincial revenues because fans would be less willing to conduct business in the area itself.
Parker, who took office in January, had been weighing the Pacers ‘ bet for most of the year, even visiting The Battery Atlanta, the Braves ‘ mixed-used creation surrounding Truist Park, to help advise her decision to support the plan. The state of New Jersey, however, submitted a proposal for the Pacers that included an area that would be located right next to the group’s existing training facility in city Camden.
The 76ers, owned by Josh Harris and David Blitzer, rank eighth in Sportico’s NBA franchise valuations list at$ 4.13 billion, a 29 % increase from 2022. The group generated$ 377 million in revenue during the 2022-23 time, the last full year available. Since the Pacers and the NHL’s Flyers have shared Wells Fargo Center, it was last renovated before the 2019-20 NBA and NHL conditions. Comcast Spectacor, which owns Wells Fargo Center, has its own growth plans for the South Philadelphia activities area.
The 76ers added nine-time All-Star Paul George and signed Tyrese Maxey to a maximum deal during the season to extend their subject contention window. They lost to the department rival New York Knicks in a wonderful six-game, first-round line of the 2024 finals.