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Room for 2 arenas?
While the community impact study includes findings that may bolster opposition to the project, consultants reached other conclusions that could be used to make a case for building the arena.
The economic impact analysis, conducted by Conventions, Sports & Leisure (CLS), found that the Philadelphia metro can support “multiple professional arenas” and that both arenas would ultimately be “financially viable.” The Wells Fargo Center would likely be negatively impacted by the construction of a new arena, however, when it comes to suite revenue generation, naming rights and the loss of Sixers games, according to CLS.
Comcast Spectacor, which owns and operates Wells Fargo, has argued the region cannot support two arenas, particularly when it comes to non-basketball programming, a claim the Sixers reject. The company, which has plans to reimagine part of the stadium district, is trying to persuade the Sixers to remain at Wells Fargo.
“We’ll both be vying for the same acts. That’s why we believe it would be in their best interest, and our best interest, for us to find a way to do this together,” said Daniel Hilferty, chairman and CEO of Comcast Spectacor, told WHYY News in October.
The economic study also found that a new Sixers arena would generate about $1.9 billion in additional economic activity during construction and its 30-year lifespan. The report says that would result in $390 million in net new tax revenue for the city, its school district and the state — far less than the estimated $1.5 billion the Sixers officials have said would be generated if the team moved to Center City.
The Sixers, who argue the report’s cost estimation method cannot be used for an “apples-to-apples” comparison, appear to be encouraged by the economic findings and the analyses overall. For example, design consultants concluded the arena is “appropriate for Center City Philadelphia.” The traffic report found that the Sixers’ hopes of having 40% of fans travel to the arena via public transportation are “attainable,” and that there is “sufficient garage parking” in the vicinity of the arena to meet the expected demand from drivers.
While the vast majority of fans drive to the Wells Fargo Center, the team expects most fans to use public transportation, get dropped off by an Uber or taxi or walk to the new arena. Fans who do drive are expected to use existing parking garages.
“We are reviewing what has been released and we will have more to say when we are able to complete a full analysis, but it is clear already that they support what we’ve said since we first announced 76 Place: the arena is an appropriate use for Center City and will generate significant new jobs and tax revenue because Philadelphia can support two arenas. Our parking and traffic assumptions are achievable and these findings are more evidence that 76Place can be developed in a way that protects our neighbors and maximizes benefit to Philadelphia,” said a spokesperson for 76DevCo, the team’s development arm, in a statement.
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