The Philadelphia 76ers' proposed arena in Center City is criticized in a new analysis being promoted by opponents of the project in the Chinatown Coalition. A researcher claims the project on East Market Street could cost the city millions of dollars in tax revenue and threatens the survival of existing businesses. The 76ers called the new study 'fatally flawed.'
A new analysis of the 76ers' proposed arena near Philadelphia’s Chinatown warns that the construction and operation of the arena could lead to over $1 billion in lost tax revenue for the city and state. The analysis: The study, authored by Dr. Arthur Acolin, an economist and University of Washington associate professor in real estate, estimates potential disruptions to existing businesses in the area over a five-year construction period and 30 years of operation.
A $7 million, three-phased relocation project will move more than 600 employees across several city agencies from various rented spaces to either the City-County Building or the new Community Justice Campus, on Southeastern Avenue.