Macerich’s bold move to economically revive Center City Philadelphia has a new game plan.
When the NBA’s Philadelphia 76ers lease ends in 2030 at the Wells Fargo Center, they will move to a new arena downtown, occupying one-third of Maserich’s Fashion District mall, and attempt to pick up the pace on Market Street. increase.
Josh Harris, managing partner of the 76ers, said: “Private funds to build world-class homes in the heart of the city and strengthen ties within local communities through investments that prioritize equity, inclusivity and accessibility. We are working on creating an arena by.”
Leading the effort is real estate genius David Adelman, who invested $2,000 in Bar Mitzvah funds into Campus Apartments when he was 13 and is now CEO. One of the company’s first major developments was formed at the University of Pennsylvania. Since its completion, living standards around University City have improved and crime rates have steadily declined. Adelman said it will take him 10 years to complete the estimated $1.3 billion project, and he expects the result to be a newly revitalized metropolis.