Sixers Release Rendering, Photos of Camden Practice Facility
The Sixers have released a new rendering and a few construction photos for its new practice facility and corporate headquarters in Camden. The team also announced that it secured a $44 million loan for the project from Firstrust Bank. That came just a few weeks after the Sixers signed Firstrust as their banking sponsor — despite playing in an arena, the Wells Fargo Center, named for a rival bank.
“The marketing partnership and banking relationship with Firstrust Bank will allow our team to take this next important step towards creating a world-class facility, while playing an important part in Mayor [Dana] Redd’s efforts to revitalize the City of Camden,” Sixers CEO Scott O’Neil said in a statement.
This, of course, is not the only help the Sixers have received in making the move to Camden. The state of New Jersey is giving the team $82 million in tax credits to build the practice facility. What they’re getting for the money? The team’s corporate offices, plus a training complex that includes two basketball courts, as well as performance, recovery and hydrotherapy rooms. The facility also will have more than 10,000 square-feet of mixed-use commercial and conference space.
Do the Sixers need that financial assistance? Well, a recent Forbes ranking put the team’s value at $700 million — good only for 28th in the league. Then again, that’s a massive increase in the team’s value in just a few years: The current ownership group, led by Josh Harris, bought the team for a reported $280 million in 2011.
The new Sixers’ practice facility is scheduled to open by year’s end. Check out a time-lapse video of the construction here.
Like what you’re reading? Stay in touch with BizPhilly — here’s how:
- Follow BizPhilly on Twitter and follow editor Jared Shelly here.
- Get the BizPhilly Newsletter
- Like BizPhilly on Facebook
- Check out the BizPhilly homepage