This is a developing story at the Philadelphia Business Journal, so go over there and check it out and perhaps subscribe. They do good work.

Natalie Kostelni just published a story titled “76ers arena proposal loses out to Durst Organization in bid for Penn’s Landing site.” This means exactly what you think it means; that the Sixers’ idea of building a new arena on the waterfront is not gonna happen.

Writes Kostelni, in part:

The Delaware River Waterfront Corp. has passed over the Philadelphia 76ers’ bid to build a new arena at Penn’s Landing in favor of a competing development proposal by the Durst Organization.

The DRWC chose the Durst project in a special meeting Wednesday morning. The Sixers had targeted Penn’s Landing between Market and Chestnut streets as the site for a future arena when the team’s lease at the Wells Fargo Center ends in 2031.

It’s the right choice. Penn’s Landing needs a non-arena revamp in the worst way. The Sixers could really benefit from having their own place, but it needs to be privately-financed and now it’ll have to be in a different location.

Also, it’s disappointing to lose out to Durst, isn’t it? Imagine this guy beating you out for a bid:


Edit:

These are the mockups that were sent in via proposal. They spelled “Harris Blitzer” incorrectly –

Edit 2:

Statement –