New Jersey is mounting a full-court press to get the Philadelphia 76ers to relocate and build a new multibillion-dollar arena complex in Camden, offering lures such as up to $800 million in potential tax credits and a $500 million bond offering.
The pro basketball team already has its headquarters and a training center in the city of Camden, which is across the Delaware River from Philadelphia. But with New Jersey's proposal, the team would construct a sports-and-entertainment facility on state-owned land in Camden, relocating the 76ers out of Wells Fargo Center in the City of Brotherly Love for their games.
The 76ers aren't the only pro sports team looking for a new home. Josh Harris, who owns the Washington Commanders pro football team, recently said that the team has had talks with "multiple jurisdictions” in Maryland, Virginia and Washington, D.C., about finding a new stadium for it, as well. Harris is a co-founder and managing general partner at Harris Blitzer Sports & Entertainment, owner of the 76ers and the New Jersey Devils pro hockey team and its arena in Newark, the Prudential Center.
Harris identified 2030 as a target date to have a new facility in place for the Commanders. The team currently plays at Northwest Stadium, formerly FedEx Field, in Landover Maryland, near the nation's capital.
Tim Sullivan, CEO of the New Jersey Economic Development Authority, on Tuesday sent a letter to Tad Brown, CEO of Harris Blitzer, outlining what the Garden State is looking for and has to offer to the 76ers.
"We envision a multibillion-dollar privately led comprehensive mixed-use development north of the Ben Franklin Bridge that would serve as a transformative catalyst for Camden and New Jersey," Sullivan said. "Anchored by a world-class arena, we believe that this project will enable development of significant residential, commercial, and retail offerings within the city of Camden. We also recognize the importance of incorporating open space and pedestrian-friendly amenities into this potential game-changing development project for our state."
Stalled plans
Gov. Phil Murphy's administration has scored a number of economic development successes, and bringing the 76ers to New Jersey would cap those achievements. On his watch streaming giant Netflix is developing a $1 billion film-and-TV production campus at Fort Monmouth, a purpose-built offshore wind port is coming to Salem County, and the HELIX life-sciences innovation campus is under construction in New Brunswick.
The 76ers have been in talks regarding building a new arena in Philadelphia, a $1.3 billion project dubbed 76 Place, in the city's Chinatown neighborhood. But that plan has met local opposition. Comcast is the team's current landlord at Wells Fargo Center.
"We appreciate Gov. Murphy and the NJEDA for presenting a thoughtful and compelling vision for the revitalization and economic growth of Camden, a city we are already committed to through our training complex," a 76er's spokesperson said in an email to CoStar News. "We have worked tirelessly for the past five years to build an arena in Philadelphia and negotiations remain ongoing with city leadership regarding our proposal at Market East. The reality is we are running out of time to reach an agreement that will allow the 76ers to open our new home in time for the 2031-32 NBA season. As a result, we must take all potential options seriously, including this one."
The 76ers lease at the Wells Fargo Center expires in 2031, according to published reports.
Philadelphia Mayor Cherelle Parker's office declined to comment on Tuesday, but Comcast provided an emailed statement.
“As we have said from the beginning, our hope is that the 76ers will remain in South Philadelphia as a partner in the Wells Fargo Center,” said Dan Hilferty, Comcast Spectacor chairman and CEO. “We firmly believe if the 76ers and Comcast Spectacor partner together, we can make great things happen together for the city and region. As we have consistently said, we continue to offer the 76ers a 50/50 partnership, which includes the opportunity to build a new arena on an accelerated timeline. We are eager to continue to discuss this partnership opportunity with the 76ers and do what is best for our community.”
Tax credits and bonds
New Jersey is "a leading destination for sports," according to Sullivan, and is already home to five professional sports franchises.
He said the arena project would be eligible for up to two $400 million Aspire tax-credit awards: one to support the arena and ancillary infrastructure and the other one to support a transformational residential, retail and office development as part of a broader mixed-use project.
In his letter, Sullivan pointed out that New Jersey has a longstanding relationship with Harris Blitzer, via the Prudential Center and the New Jersey Devils, and the company's redevelopment of the historic Loew’s Jersey Theatre in Jersey City, New Jersey.
The proposed arena in Camden would be the redevelopment of a former prison site, contributed by the state, adjacent to the Delaware River, north of the Ben Franklin Bridge.
"Furthermore, we are also prepared to work with the Legislature to enable the structuring of up to $500 million of special-purpose bonds supported by fees and surcharges on tickets, concessions and parking (with no impact to New Jersey taxpayers) to support the development of an arena," he said.
News of Sullivan's letter was first reported by ROI-NJ.