The Philadelphia 76ers are moving ahead with plans to build a new practice facility on Camden's waterfront.

In addition to the practice site, the structure will house the basketball and business operations. The franchise hopes to begin construction in October and move in in 2016. 

Last week, five sources confirmed the Sixers were eyeing the waterfront, drawn by huge tax breaks available to Camden through recent legislation. The sources said the location would be next to Campbell's Field, home of the Riversharks.

The Sixers were also in discussions with Comcast-Spectacor owners over a private deal to build adjacent to the Well Fargo Center in South Philadelphia, where the Sixers play home games.

"But at the end of the day, [the Sixers] kept saying if they could take all the saving they could get from tax savings and punch it into bigger and nicer facilities, the only thing they are really focusing on is player development," the league source said. "They got a 100,000-square-foot interest deal."