IBEW Local 98 recently hosted a rally at our new Navy Yard headquarters, drawing more than 500 members and numerous dignitaries, including 76 Devcorp CEO David J. Adelman and Philadelphia City Councilmember James Harrity. The event was a powerful demonstration of support for 76 Place, a visionary new arena, residential, and retail complex poised to transform Market East. One of our honored guests was Philadelphia City Councilmember Harrity, who became the first member of City Council to publicly announce his support of 76 Place.
The reasons for building 76 Place are compelling and multifaceted. At a budget of $1.55 billion, this project represents Philadelphia's most significant economic development initiative in decades. For our city’s hardworking union members, 76 Place promises 9,100 direct construction jobs over the next decade, along with ongoing maintenance employment post-construction. This is not merely a boon for unions but a lifeline for thousands of Philadelphia families.
However, the benefits extend far beyond union labor. The project is expected to generate 1,000 permanent jobs, boosting Philadelphia’s annual economic output by $400 million. For a city grappling with economic challenges, this is a substantial and much-needed infusion of prosperity.
The Philadelphia 76ers, acutely aware of potential disruptions to nearby residents and businesses during construction, have committed to a $50 million Community Benefit Agreement (CBA) to mitigate these impacts. This gesture underscores their dedication to community welfare and ensures that the project will have a positive, lasting impact on the local area.
Moreover, 76 Place is essential for Philadelphia’s stature on the national stage. Of the nation’s top 20 markets, 18 have downtown arenas, yet Philadelphia remains an outlier. A new downtown arena would not only enhance the city's appeal to top NBA talent but also invigorate our sports culture, drawing fans from across the region and beyond.
Market East, a vital commercial artery and the gateway to Center City, has struggled to realize its potential despite numerous revitalization efforts. 76 Place is the catalyst that Market East needs, promising a renaissance that will drive sustained economic success and urban renewal.
Crucially, this ambitious project will be realized at no cost to city taxpayers. For those who envision a vibrant, economically thriving Philadelphia, 76 Place is an opportunity we cannot afford to miss.
The call to action is clear: support the construction of 76 Place. This project embodies the promise of jobs, economic revitalization, and educational funding. It represents a bold step forward for our city. Let your City Councilmember know that you back 76 Place. Together, we can build a brighter future for Philadelphia.