Sixers Arena News

[Sebastian Bennett]

It looks like the controversial Chinatown Sixers Arena is moving forward. What's everyone's take? Good or bad for the City of Philadelphia and more specifically the real estate market?

[Stuart Udis]

I am personally very pleased with the Mayor's support for the stadium. I love how Market Street is suddenly part of Chinatown. Never was the Fashion District formerly the Galleria Mall described as Chinatown until the Sixers announced plans for their stadium. Will the stadium impact Chinatown? More than likely but the proposed stadium location is not Chinatown. 

More to the point, the mall is a complete and utter failure. Almost comical the mall was rebranded the "Fashion District". Perhaps PREIT would've been better served waiting for some tenant commitments before branding the mall the Fashion District. The Market Street corridor is dead.  Directly across the street you have Panda Express, Popeyes and a pawn shop/jewelry store must I say anymore?  In the spring I traveled to Boston for a Sixers v. Celtics game. What the Sixers propose is nearly identical to Garden set up. The streets around the stadium in the West End neighborhood were activated before and after the game, tons of busy restaurants etc. The Sixers stadium can have the same impact on the Market Street corridor and last I checked, nobody has come up with a viable alternative for turning around Center City, particularly this area which is the most troubled. 

What's most encouraging is the Mayor's decision to do what's financially best for the City of Philadelphia despite being unpopular by many. Unfortunately local politics often lead to policy considerations that are intended to drum up voter base appeasement as opposed to doing what's best for the municipality/city. 

This isn't solely a Philadelphia problem, but it's exasperated by the amount of power and influence City Council members have over their districts. Requiring xyz% of new housing to be affordable....find me the studies that indicate this will actually lead to housing affordability....eliminating the 10 year tax abatement that unlocked revenues that are 10x what the city of Philadelphia would've collected on many parcels that would never have been developed if not for the 10 year tax abatement etc..... The commonality is these are policy considerations politicians in Philadelphia used for election purposes not what was best for the City of Philadelphia. My hope is Mayor Parker's decision will lead  City Council members to follow the Parker administration's lead. I am already seeing positive signs including far better dialogue between the building trades and local government. Philadelphia has long been recognized as one of the most difficult cities to engage in business. Let's get this stadium built and see if the momentum will continue.