Fashion District’s Precarious Finances May Be Influencing 76ers’ Push for Speedy Green Light on New Arena

By

76ers new arena 76 Place
Image via the Philadelphia 76ers.
The proposed 76 Place at Market East.

The 76ers’ development company has spent the last year pushing for City Council to give the green light for the team to build a new arena in Center City as soon as possible, write Sean Collins Walsh and Jake Blumgart for The Philadelphia Inquirer.

While the development team behind the proposal has not specified why there is such a rush to approve a project that would not open until 2031, one factor seems to be the Fashion District and its precarious financial position.

The East Market Street shopping mall would need to be partially demolished to create space. Meanwhile, the struggling mall’s owners, PREIT and Macerich, have a $75.8 million loan that is set to mature on Jan. 22.

And if the Fashion District went into bankruptcy, the efforts by the 76ers to acquire the property required would become more complicated.

The Sixers recently mentioned the mall in their statement that the process of getting approval is dragging on due to strong pushback against the development.

“We’re committed to doing our part to make sure the mall remains solvent while the process plays out,” said Nicole Gainer for 76 DevCo.

Read more about the 76ers’ push for a quick approval of their plans to build a new arena in The Philadelphia Inquirer.

_____________

Here are the 76ers’ renderings and plans for their proposed arena in Center City.

Connect With Your Community

Subscribe for stories that matter!

"*" indicates required fields

Hidden
PT Yes
This field is for validation purposes and should be left unchanged.
Advertisement