Macerich’s bold move to economically resuscitate Center City Philadelphia now has a new game plan.
When the NBA’s Philadelphia 76ers lease ends with the Wells Fargo Center in 2030, it will be moving downtown to a new arena that will take over a third of Macerich’s Fashion District mall and attempt to up the pace on Market Street.
“We’re committed to building a world-class home in the heart of the city and creating a privately funded arena that strengthens ties within the local community through investments that prioritize equity, inclusivity, and accessibility,” said 76ers Managing Partner Josh Harris.
Leading the effort will be real estate wunderkind David Adelman who, at age 13, invested $2,000 of his Bar Mitzvah money into Campus Apartments, where he is now CEO. One of the company’s first big developments took shape at the University of Pennsylvania, where living standards have improved and crime rates have dropped steadily in the University City neighbourhood since its completion. Adelman said that with 10 years to get the estimated $1.3bn project done, he envisions the outcome to be a new and revitalised Center City.
