76ers owners eye Philadelphia riverfront for potential new arena

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By KYW Newsradio 1060
PHILADELPHIA (KYW Newsradio) — The owners of the Philadelphia 76ers want to build a new riverfront arena in the city.

Money to build the facility would come from development bonds from the city, which would be paid back with future tax revenue. The team confirmed the plans, and sources say the facility at Penns Landing would include other amenities along the waterfront, including a new home for the African-American Museum of Philadelphia and investment in minority-owned businesses.

The source says an arena project would provide thousands of jobs, plus billions of dollars in future tax revenue, for the city and state.

Of course, this is still a long way off. The lease at the Wells Fargo Center in South Philly doesn’t expire until 2031. But these things take a lot of time, and the team wants to get the ball rolling.

Not everyone who has heard about the plan is on board. Councilwoman Helen Gym on Twitter said, "Hell no."

This is a HELL NO. #prioritieshttps://t.co/54Mce2Wutw

— Helen Gym (@HelenGymPHL) August 26, 2020

She said the city needs to build some decent schools before building an arena and that city taxpayers deserve investments, not boondoggles.