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Who is David Adelman? Sixers arena developer is a Montco billionaire

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When the Sixers went public downtown arena plan, also announced the existence of 76 Devcorp. David Adelman is chairing the new development company, which was formed to further his efforts to build the stadium on 10th Avenue and Market Street.

Adelman has been playing for Philadelphia real estate for many years and has some ties to the 76ers, like he did since he was a teenager.

Those around the University of Pennsylvania will know him for Campus Apartments, the largest housing company for students. Adelman has been his CEO of the company for his 25 years, but his footprint is even bigger.

Here’s what we know about the person building the so-called stuff, if the project is done. 76 Place at Market East.

where did he start?

Adelman, 50, was born and raised in Penn Valley, Lower Merion. He is a long-term investor in Philadelphia housing stocks. how much? He started his own business in his teens, dating back to when he gave developer Alan Horwitz his $2,000 bar his mitzvah money to invest in real estate on 45th and Pine Streets. .

Horwitz, a family friend who mentored young Adelman, is the founder of Campus Apartments. The company began serving students at the University of Pennsylvania in his late ’50s, but has now expanded nationwide.

Many Philadelphians already know Horwitz, whether they realize it or not. 76ers sixth manis basically a floor-seat fanatic at the Wells Fargo Center, just like Spike Lee is at Madison Square Garden, with no directorial pedigree.

Adelman succeeded Horwitz as CEO of Campus Apartments in 1997 and has increased his stake since then.

Grandson of a Holocaust survivor and former president of the Philadelphia Holocaust Foundation. He has also served on several other committees, including the Jewish League of Greater Philadelphia, University City District, Pen He Medicine, and the USC Shore Foundation, according to his online bio.

What property does he currently have and how wealthy is he?

Adelman said real estate is his favorite investmentbut that hasn’t stopped him from pursuing other ventures.

He is Vice Chairman of FS Investments, aka Franklin Square Capital Partners, an asset management firm he co-founded in 2007. business development companyAdelman also founded Darco Capital, a venture capital firm that has invested in Gopuff, 76ers Innovation Lab and Premier League club Crystal Palace.

Campus Apartments, where it all started and where he is still CEO, manages more than $1.5 billion in assets across more than 50 colleges and universities in 18 states, according to its website.

Of his various holdings, FS Investments is the most profitable, with assets at $25 billion, insiders estimated Adelman. have personal net worth About $1.6 billion.

What is his role in the University City district?

Adelman helped establish the University City District, a special services district transforming parts of West Philadelphia around Penn and Drexel. Currently, he serves as Vice Chair of his UCD Board of Directors.

In an information sheet issued when the group first started in 1997, Penn officials said You described UCD as Community Activation Partnerships, which “develop and implement programs of cleaning, security and other services by local property owners and other stakeholders, serve as advocates for improved city services.”

in Philadelphia, business improvement district It is funded by fees or taxes to local property owners or businesses to serve the neighborhood.Adelman initially started as a district Biggest private sector benefactorAccording to his Multifamily Executive magazine profile, he has donated $500,000 over 10 years.

25 years since its founding, UCD hold an event Host pop-ups like The Porch on 30th Street, like the Baltimore Avenue Dollar Stroll, police, operates the LUCY shuttle and cleans up trash and trash in the neighborhood. UCD has long been cited as a factor as well. Relentless gentrification regional.

speak in a video celebrating 20th anniversary of UCDAdelman said West Philly “allowed us to really focus on the positive” city ​​impact.

then he was taken to court

As The Daily Pennsylvanian reports, students at the University of Pennsylvania have been frustrated with the management of their campus apartments for years. lazy maintenance and other complaints.

In 2013, Six students sued For Penn-owned properties managed by Campus Apartments. They cited “absolutely reprehensible conditions” including mold, rodents and a collapsed ceiling in the bathroom.Campus Apartments initially blamed this for the tenant’s fault, as a result of a broken toilet. was claiming.

The case ended in an undisclosed settlement.

76 What is Adelman’s role at Devcorp?

He’s basically setting out to build the Center City Arena.

When the Sixers Became Managing Partners of Josh Harris and David Blitzer announced their plans To place 76 Places on a block in the Philadelphia Fashion District, they said Adelman was given the task of “locating, designing and developing a destination that will serve as a world-class arena facility.” rice field.

Adelman will work on the project with Mosaic Development Partners, a local black-owned company.he has expressed importance Regarding its “positive diversity employment goal,” he said, “There is no better place to build an arena in Philadelphia than Center City,” and that transportation access to the location and surrounding businesses would benefit. I admired it.

Some community members in Chinatown next to the proposed site are skeptical of these promises. They fear the arena could result in increased traffic congestion and skyrocketing property values.

“The 76ers’ proposed arena is one block away from our beloved neighborhood and we see it as a threat to Chinatown’s viability.” Written by Debbie Way, Founder of Asian Americans United in WHYY’s PlanPhilly. “What the 76ers, Adelman, and the billionaires and city officials who came before them don’t realize is that Chinatown will fight for its survival.”

Adelman told the Inquirer that Sixers Arena “will not kick out a single business or resident” of Chinatown.He also noted the recent expansion of the project, including the Greyhound Bus Terminal site on Filbert Street can actually reduce traffic in your neighborhood.

“Now that we’ve made the big announcement, I think we need to show people that we’re real,” Adelman told Forbes. About the 76 Place ProjectHe vowed not to receive public subsidies.

After starting engagement and design, demolition is expected to begin in 2026, construction to begin in 2028, and the arena to open in September 2031.

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