New Jersey is offering up to $400 million in tax credits to the Philadelphia 76ers for a new stadium that will anchor a mixed-use waterfront development.
In a letter, Governor Phil Murphy’s administration wrote that it envisioned a multi-billion dollar plan in Camden that would feature residential, commercial, and retail properties.
The Sixers currently practice in Camden.
The team is negotiating a $1.3 billion arena in Philadelphia’s Chinatown neighborhood.
Their current lease at the Wells Fargo Arena expires in 2031, with the team not planning to remain in the stadium when the lease is over.
The Sixers said that New Jersey’s offer was “thoughtful and compelling.”