New Jersey officials have ramped up efforts to persuade the Philadelphia 76ers to relocate to Camden, offering a lucrative package of incentives that includes up to $900 million in economic incentives and potentially $500 million in bonds. The proposal, revealed through a letter sent by the New Jersey Economic Development Authority (NJEDA) to Harris Blitzer Sports & Entertainment (HBSE), outlines a plan for a mixed-use development anchored by a world-class arena.
The project, envisioned by Governor Phil Murphy and supported by state legislative leaders, would transform state-owned land north of the Ben Franklin Bridge, currently the site of the former Riverfront State Prison. The proposed development would include residential, commercial, and retail components, making it eligible for two Aspire tax credits of up to $400 million each.
The NJEDA’s proposal also includes the possibility of special-purpose bonds, backed by fees and surcharges on tickets, concessions, and parking, to help finance the arena without burdening taxpayers. Additionally, the state has offered to transfer the necessary land for the project at little or no cost, emphasizing the site’s readiness for immediate development.
The 76ers, whose current lease at Philadelphia’s Wells Fargo Center ends in 2031, have been exploring options for a new arena, citing a need to secure a deal by the end of 2024 to meet their timeline for the 2031-32 NBA season. The team’s efforts to build a new arena in Philadelphia’s Center City have faced significant delays and opposition, particularly from the Chinatown community, leading the team to consider alternatives.
In response to the NJEDA’s offer, a spokesperson for the 76ers stated that the team is taking the proposal “seriously” and acknowledged the state’s “thoughtful and compelling vision” for Camden. While the team continues negotiations with Philadelphia city leaders, the possibility of moving to New Jersey remains on the table.
New Jersey officials, including Senate President Nick Scutari and Assembly Speaker Craig Coughlin, have expressed strong support for the project, calling it a “game-changer” for Camden and the state. Camden Mayor Victor Carstarphen also praised the proposal, describing it as a catalyst for further development and economic growth in the area.
As Philadelphia city officials continue to deliberate on the 76ers’ proposal for Center City, the offer from New Jersey has added pressure to the decision-making process. The team’s ultimate decision will likely hinge on whether Philadelphia can resolve the issues surrounding the proposed arena, including traffic concerns and potential impacts on local businesses.
The NJEDA’s letter marks a significant escalation in New Jersey’s bid to bring the 76ers across the river, positioning Camden as a viable and attractive option for the team’s future home. As the deadline for a decision approaches, the 76ers must weigh their options carefully, with the clock ticking on their plans for a new arena.
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The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
