Philadelphia 76ers look to build new $1.3 billion arena

Proposed development faces opposition with Chinatown community insisting it's another in a long history of attempts to diminish the enclave

Wells Fargo Centre, current home of the Philadelphia Flyers NHL hockey team and the NBA's Philadelphia 76ers

The Philadelphia 76ers have announced plans to take the first steps toward building a privately funded $1.3 billion sports and entertainment arena.

The team’s managing partners, Josh Harris and David Blitzer, unveiled the creation of a new development company led by business leader David Adelman to create its future home in the city’s Fashion District. They said the new arena, 76 Place, is anticipated to cost approximately $1.3 billion.