New Jersey offers millions in tax credits for a new 76ers arena in Camden

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New Jersey is making a push to lure the Philadelphia 76ers to Camden with millions of dollars in tax credits as team owners pursue constructing their own arena.

First reported by ROI-NJ, a letter sent to Sixers ownership from the New Jersey Economic Development Authority and signed by Gov. Phil Murphy said they are “committed to bringing the 76ers to Camden.”

“We envision a multi-billion dollar privately-led comprehensive mixed-use development north of the Ben Franklin Bridge that would serve as a transformative catalyst for Camden and New Jersey,” the letter released Monday said. “Anchored by a world-class arena, we believe that this project will enable development of significant residential, commercial, and retail offerings within the City of Camden. We also recognize the importance of incorporating open space and pedestrian-friendly amenities into this potential game-changing development project for our state.”

The pitch promises $400 million in tax credits to build the arena and “transform” nearby residential and retail at the site of the former Riverfront State Prison, just north of the Ben Franklin Bridge and Rutgers University–Camden.

New Jersey’s effort comes just days after Philadelphia city officials released four independent reports that found a new arena in Center City would likely hurt small businesses in neighboring Chinatown and cause traffic congestion in the area.

An economic impact study found a new Sixers arena in Center City would generate about $1.9 billion in additional economic activity during construction and its 30-year lifespan. The report estimated it 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 previously said would be generated if the team moved to Center City.

In a statement, the 76ers said they’ve been working “tirelessly” the last five years to build an arena in Philadelphia, but as negotiations with Philadelphia city leadership continue to stall they “must take all potential options seriously, including this one.”

A separate proposal, presented to landowners last week and reported by the Philadelphia Inquirer Tuesday, would turn the Fashion District mall into a biomedical research facility.

The Sixers want to have a new arena ready to go by 2031, the same year its lease expires at the Wells Fargo Center in South Philadelphia.