Excitement is building around the 76ers arena proposal following the release of the city’s four impact studies on Monday.
These studies, which examined the potential impact on the community, traffic, economy, and design, have reignited conversations about the feasibility and future of the project. 76 DevCo, the private investor group spearheading the proposal, aims to construct an arena on a prime 4.25-acre site on Market Street between 10th and 11th streets surrounded by Cuthbert Street. With the team’s lease at the Wells Fargo Center set to expire in 2031, the project needs to move forward swiftly in order to be operational by then. The group has set a deadline of 2024 for obtaining entitlements and approvals for the project.
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For the project to advance, approvals from City Council are essential, as they hold the key to passing legislation related to zoning and other legal requirements. But what does 76 DevCo need to progress further? A plethora of bills, it seems.
According to the city’s community impact study, the group must secure approval from councilmembers on ordinances spanning four categories: zoning, streets, finance, and real estate. The study outlines up to 11 bills that need to be adopted, acknowledging that there may be additional requirements.
On the zoning front, an ordinance is needed to permit the arena’s use, establish a master plan, and define parking regulations. Amendments to existing city code would also be required to update the boundaries of areas in Market East subject to regulations.
Additionally, up to three streets ordinances are necessary, including measures to allow barriers in traffic lanes and expand the Fashion District bridge over 10th Street. Financial ordinances concerning the Fashion District are crucial, as the proposed arena would impact part of the mall that previously received investments from state initiatives.
Furthermore, real estate ordinances are essential to set up lease agreements with Philadelphia Authority for Industrial Development, establish “air rights” above 10th Street Bridge, and solidify agreements with SEPTA, as the arena would be situated above Jefferson Station.
These bills are expected to be introduced by Councilmember Mark Squilla, who represents the district where the arena would be located. His office indicated that the bills would likely be presented as a package and shared with stakeholders at least 30 days before any formal introduction. Review of the legislation will precede any decision to move forward.
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