The Wachovia Center, formerly known as the CoreStates Center and the First Union Center, is an indoor arena located in Philadelphia, Pennsylvania, in the United States. It is the home arena of the Philadelphia Flyers of the NHL and the Philadelphia 76ers of the NBA. The arena was completed in 1996 on what was once the site of John F. Kennedy Stadium at a cost of $206 million, largely privately financed (though the city and state helped to pay for the local infrastructure). The building lies at the southeast corner of the South Philadelphia sports complex, which includes Lincoln Financial Field, Citizens Bank Park, and the arena's predecessor, the Wachovia Spectrum.
The arena officially seats 21,600 for basketball and 19,519 for hockey, although with additional standing room admissions available in suites for purchase by their lease holders the total paid capaciy is actually somewhat greater. It has 126 luxury suites and 1,880 club seats. The arena was originally named for CoreStates Bank, which agreed to pay $40 million over 21 years for the naming rights, with additional terms to be settled later for an additional eight year period at the end of the contract. The naming rights were taken by First Union Bank in a merger in 1998 and then by Wachovia Bank in a 2003 merger with First Union. While under the First Union name, it was affectionately referred to as the "F.U. Center" by Philadelphians. Due to this, a name alteration was considered, the "First Union National Center." However, this was met with much derision from fans and athletes who played in the facility, such as former Philadelphia Flyers forward Brantt Myhres, who said the name change would make the building sound like a "circus venue."
