76ers’ Fashion District Move Aims to Rebound Center City Philadelphia

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.