76ers set to build new $1.3 billion arena by 2031

The new stadium, to be called 76 Place, is not expected to break ground for several years and will be home to the Philadelphia Flyers, Philadelphia 76ers, and Philadelphia Wings.

Wells Fargo Center is consistently a top 10 venue in the US and has a concert seating capacity of 21,000 seated and at least 21,500 standing. The arena was built in 1996 and is part of the Philadelphia Sports Complex Special Services District that consists of Wells.

The new stadium is expected to open in September 2031 in time for the 2031-2032 NBA season. Per the 76 Place website, other pieces of the timeline include:

• 2023: Finalize design and secure financing.
• 2024: Break ground on construction.
• 2026: Complete construction and open the arena.

The 76ers say the new arena will be a "state-of-the-art facility that will provide fans with an unforgettable experience." The arena will feature a variety of amenities, including:

• A new seating bowl with improved sightlines.
• A new concourse with more food and beverage options.
• A new club level with premium seating.
• A new team store.
• A new practice facility for the 76ers.

The 76ers say the new arena will be a "transformative project" for the city of Philadelphia. The arena is expected to create thousands of jobs and generate millions of dollars in economic activity. The 76ers say the new arena will also be a catalyst for the redevelopment of the surrounding area.