Posted Aug 8, 2022, 11:54 AM
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Registered User
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Join Date: Jul 2014
Posts: 770
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Quote:
Originally Posted by cardeza
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The Sixers’ ambitions for Market Street go well beyond building a sports arena
Quote:
Ever since the Sixers revealed that they’re planning to move their home court to the flagging Fashion District shopping mall on Market Street, people have been referring to the new venue as an arena. But, these days, sports franchises don’t want to waste their time just building large rooms where fans can watch athletes perform. Owners now see themselves as big-time real estate developers.
The Sixers’ arena is really the starting point for a major urban redevelopment project.
The Sixers’ development group — Josh Harris, David Blitzer, David J. Adelman and HB Sports & Entertainment — has been stingy with details about this massive undertaking. But after an hour of talking with Adelman last week, the outlines of their real estate ambitions finally began to emerge. The 18,500-seat arena at 11th and Market would serve as the anchor for a new entertainment district studded with restaurants, bars, shops and, eventually, apartment towers.
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But what the Sixers have in mind is so big, it’s likely to transform that entire quadrant of Center City beyond recognition. It would also enable the owners to earn a whole lot more money than they now pull in from ticket sales at the Wells Fargo Center.
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The Sixers will also want a piece of any residential development around the arena. Although the NBA does not allow towers on top of its arenas for security reasons, the Sixers expect to partner with the Fashion District’s owners to erect apartments above the remaining portion of the mall, which has the structural strength to support a tower. Macerich/PREIT also have amassed large holdings on the south side of Market Street, another likely spot for housing.
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