Penn's Landing development plan will not include a new Sixers arena

75756A5E-120A-4932-810C-2FD980DB785E
By KYW Newsradio 1060
PHILADELPHIA (KYW Newsradio) — The 76ers' proposal to build a new riverfront arena at Penn’s Landing has been rejected. 

The Delaware River Waterfront Corporation left the $4 billion proposal on the sidelines, unanimously selecting the Durst Organization of New York City to redevelop the 11 acres south of Market Street.

The owners of the Sixers wanted to build a new arena, retail space, apartments and even a school. The proposal would have used city and state tax revenues to finance the project by creating a Neighborhood Improvement Zone.

But Bill Hankowsky, chair of the DRWC selection committee, said the Durst bid for a residential and retail project called for no public money, and it would mesh well with the park to be built on a cap over I-95 between Market and Chestnut streets.

"It’s high-quality design. It integrates very well with the park and public spaces. The sustainability. The mixed-income housing," he said.

The project is expected to create 28,000 new construction jobs, and 1,850 permanent jobs after completion. 

The Durst bid was one of four under consideration. Now the DRWC will negotiate a development deal with the company.

"Our project aimed to be part of the solution while delivering a world-class experience for our fans and the city at large," it read. "As we continue to pursue our future home, we remain committed to a vision that anchors a world-class venue with transformative community development, job creation and economic empowerment for low income and minority communities."