David Adelman, a native Philadelphian, is the CEO of Campus Apartments, Co-Founder of FS Investments and will serve as Chairman of the arena development corporation. Adelman serves on the Penn Medicine Board of Trustees, University City District Board of Directors, Chairman of the Jewish Federation of Greater Philadelphia, and past Chairman of Philadelphia Holocaust Remembrance Foundation.
Mosaic Development Partners is a local, black-owned developer founded by Leslie Smallwood–Lewis and Gregory Reaves to focus on investing in disenfranchised communities to reduce blight, increase jobs and create greater housing affordability. Since 2008 their direct investments in Philadelphia totals more than $120 million. In January 2022, Josh Harris, Managing Partner of the 76ers, invested $10 million into Mosaic to support their innovative work to expand equitable development across Philadelphia communities.
No, we are not seeking any funding from the City of Philadelphia. The arena will be privately funded.
No, this project is not eliminating any residential real estate or displacing existing residents from their homes.
Construction of the proposed arena is anticipated to start in 2027, with completion in time for the 2031-2032 NBA Season.
Yes, the team is aware of those efforts and the threats they posed for the community, which is why this project is being approached differently. We are proposing to replace one entertainment complex with another, and will not displace any residents in Chinatown. Additionally, the team knows this project can only move forward if it has community support and benefits the surrounding neighborhood. Construction would not start for years, so we are just at the beginning and look forward to lots of discussions to ensure this benefits everyone and improves the neighborhood.
Wells Fargo Center is currently one of the oldest NBA arenas and by the time our lease expires in 2031, it will be 35 years old. Considering most arenas only remain in service for 30-40 years, the current location is not conducive to our vision of building a championship-level franchise for decades to come.
While we are thankful for the recent renovations made by Comcast Spectacor to improve the fan experience, these are typical for arenas that are 20 years old and will not significantly extend the life of the building
Philadelphia was once home to two arenas – The Wells Fargo Center and The Spectrum – and had the demand to support both. The demand for live events continues to exist and we are confident that the City can support two arenas
Seven of the nation’s top twenty markets have two or more arenas, and three of those seven markets (Miami, Phoenix and Minneapolis) are smaller than Philadelphia.
We are inspired by the success of downtown arenas in other cities. After careful evaluation, this site was selected primarily due to the unmatched access to public transit, the ability to repurpose an existing entertainment asset and the natural synergies that will exist with the surrounding businesses of Center City.
○ Our goal for the arena is to work together with the surrounding communities to make sure we effectively preserve things like the affordability, character and culture of the neighborhood and ensure the project benefits everyone. We are committed to working in partnership with community stakeholders to make that a reality. We will develop a Community Benefits Agreement (CBA) that reflects the priorities of communities surrounding the arena. This agreement could result in support for programs related to promoting local business, workforce participation, neighborhood preservation, community access to the arena , affordability and other programs that would benefit local neighborhoods.
We are working with transportation experts to analyze our fan base, where they come from and how they will get here in comparison to the existing conditions
We envision this project as a site that relies on public transit, similar to the shifts downtown arenas have seen in other cities, as the arena will have a direct connection to over 200 stations, which is 9X more than the Wells Fargo Center.
For those who chose to drive, the site is within a ½ mile radius of 29 parking garages operating with significant spare capacity. These garages are spread out from each other, which helps spread out traffic and limits congestion.
We believe a new arena will have several benefits to neighboring residents and the City as a whole, including cleaner and safer streets, enhanced public open spaces and initiatives to reduce crime. We will implement a robust safety program to ensure the arena and surrounding area is a safe space.
We are committed to hiring as many diverse, local businesses and workers as possible, both for the construction and operations of the site. We will work closely with our partners at Mosaic Development to guide these efforts and will be investing in programs to help prepare and grow local workers and businesses. We will start this work years before we break ground to ensure people are prepared when we have opportunities for them. More information on these programs will be available in the coming months.
Yes. Environmental sustainability is a priority for us and we will take an approach that maximizes the positive economic, environmental and social impact of the arena to promote health and wellness for our communities and planet.
We will be partnering with Macerich, the current owner, to reimagine the remaining ⅔ of the mall as part of a world class sports & entertainment hub to complement the arena. We look forward to sharing information on future plans as they are available.