There's something that Mayor Cherelle Parker seems to like about Wednesdays.
The Town Hall meeting in which stakeholders voiced their concerns about the new Sixers arena concept adjacent to Chinatown? A three-hour Wednesday night.
The decision to endorse the 76 Place proposal? Announced last Wednesday afternoon.
And now? A meeting on Wednesday evening to discuss details of the agreement.
"I truly am proud having made this decision and negotiated an agreement that will definitely ensure that our Sixers are staying home, right here in Philadelphia where they should be," Parker said in her opening statement.
The goal of the meeting was to be transparent and inclusive, leaving no one in the dark about what is to come in the Market East section of Philadelphia.
"We want to make sure we cross every 'T' and dot every 'I' because when we leave this meeting today, there will be no one who can watch this video or who attended this meeting who said that anyone attempted to not disclose all of the details associated with this agreement," Parker said.
On Oct. 24, Parker will formally transmit a legislative package to the city council of Philadelphia for approval of the project. She will work closely with councilman Mark Squilla, the district councilperson for the area where the arena would be located, and President Kenyatta Johnson, the leader of the city council.
Demolition will start in 2026, construction in 2028. The arena will open in August of 2031. Of course, that timing assumes that the legislation will pass by the end of this calendar year. The agreement will keep the Sixers playing in Philadelphia at least until 2061.
Parker's team went into negotiations for the arena with a set of five guiding principles:
All of that amounts to a $1.3 billion project. There will be no city funding. It is all private. "That is an approach that is unprecedented among our local sports facilities," Parker proudly touted.
The agreement includes a $50 million community benefits agreement that will support nearby communities, adjacent communities and also make city-wide investments in education and economic opportunity for all.
Parker took pride in negotiating a 70% front-load of the $50 million in spending for city-wide efforts and arena-impacted communities. 97% of the $25 million that will be focused on the impacted communities will be spent in the first 10 years of the agreement. Usually, the money is more stretched out over the years of the agreement, not front-loaded to help the city now and in the near future.
As suggested in the guiding principles of the negotiations, Parker was emphatic about making sure that Chinatown will not be forgotten or discarded.
In fact, she made sure to clarify what she believes are some misconceptions. First, the arena is not being built in Chinatown. It is near or adjacent to Chinatown, but not in Chinatown. Team sources have emphasized that distinction, as well.
Second, Parker made it clear that no buildings or structures in Chinatown will be demolished to enable the project.
In fact, the investments toward this project will help to jump-start a broader and city-led focus on Chinatown intended to ensure its ongoing vitality and strengthen a community that Parker called a Philadelphia treasure. It is an unprecedented effort, she claimed.
Among Parker's numerous revelations was that 76 Place will create over 1,000 construction and operation jobs. The new jobs will be paired with a historic economic opportunity plan to ensure that employment and contracting opportunities during both construction and operation will benefit individuals and businesses that are reflective of the community, at large.
76 Place is projected to generate over $700 million in new tax revenues for the city of Philadelphia and school district, Parker said.
That revenue is medicine that Parker candidly said Market East needs.
"76 Place presents an unprecedented opportunity to unlock that long-needed re-development and unprecedented revival on East Market Street, creating jobs, generating additional tax revenue and bringing vibrancy back to a key commercial quarter," she said.
If all goes as planned, the Sixers' dreams of playing in their own arena in Center City will come true. If Mayor Parker's dreams come true, the new arena will improve Philadelphia's position to pursue a WNBA team.
But, perhaps that's a story for another day.
