The first time Cory Scott heard that the Philadelphia 76ers wanted to build a Center City arena at the site of the Fashion District, he was in disbelief.

Then the excitement set in.

Scott is executive vice president of asset management for Macerich, the real estate investment trust that owns the Fashion District. The Sixers’ proposal for a new $1.3 billion arena on East Market Street would involve California-based Macerich selling a portion of the mall between 10th and 11th streets to the team.

Macerich (NYSE: MAC) is on board with the proposal, as foot traffic has been slow to return to the Fashion District in the wake of the Covid-19 pandemic. As part of the arena plans, Macerich and the Sixers have agreed to partner on the remainder of the mall, which opened in September 2019 following a $420 million redevelopment of the former Gallery. The arena would inject new life into the property at a time when the mall could use it.

*Article courtesy of Philadelphia Business Journal

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