Team owners say their planned 76 Place would improve a struggling retail corridor near City Hall and capitalize on the city’s public transit. They have vowed not to renew the lease on their current home, a circa 1996 arena in the city’s South Philadelphia sports complex, when their lease runs out in 2031.

The Philadelphia 76ers and the city of Philadelphia appear to be taking a big step forward in the plans of a new arena in the Center City section of Philly. After talks of the team considering Camden, New Jersey as a viable option, it appears that the team and the city of Philadelphia have an agreement.