ESI was contracted by Harris Blitzer Sports & Entertainment (HBSE) to conduct an economic impact study of 76 Place, a proposed multi-billion-dollar mixed-use development at 11th and Market Streets in Center City Philadelphia that would have served as the home of the Philadelphia 76ers in 2031 to coincide with the expiration of the basketball team’s lease of the Wells Fargo Center in South Philadelphia. The proposed space would have centered around an 18,500-seat indoor arena with surrounding commercial, office, and retail expansions, replacing a portion of Fashion District Philadelphia, an indoor shopping mall located along Market Street, and neighboring Chinatown.
Utilizing investment and development information, ESI analyzed and estimated the potential economic, fiscal, and real estate impacts of the proposed development. ESI modeled the composition and scale of these impacts using IMPLAN, an industry standard input-output modeling software. These modeling efforts were able to yield an estimate of the impact from upfront spending on construction in the form of expenditure, employment, earnings, and tax revenues.
ESI also estimated the potential neighborhood investment trajectory that might happen due to the significant investments being made to establish 76 Place and the ongoing activity that would take place at the site.
ESI determined that the development of the proposed arena and mixed-use site would generate significant economic benefits from the development activity over the 15-year construction period, as well as serve as a major employment destination and hub of activity in Center City Philadelphia upon its completion.
The project was ultimately approved by City Council, however, plans for 76 Place were cancelled in favor of a new arena to be built inside the South Philadelphia Sports Complex in partnership with Comcast Spectacor, ultimately replacing the Wells Fargo Center.
