The Sixers’ proposal to redevelop Penn’s Landing, including the building of a new arena, was not selected on Wednesday.
The Delaware River Waterfront Corporation instead chose The Durst Organization's plan out of the four proposals under consideration.
According to WHYY’s Ryan Briggs, the Sixers asked for $780 million to $885 million in public incentives for their $4 billion plan.
Here are the details of the Durst Organization plan:
The Wells Fargo Center is owned by Comcast, and the Sixers’ lease in the building ends in 2031. The team opened its practice facility in Camden, New Jersey, in 2016.
Managing partner Josh Harris and co-managing partner David Blitzer have owned the Sixers since 2011. In February, Forbes valued the Sixers at $2 billion. Harris has a net worth of $4.8 billion, per Forbes.
General manager Elton Brand said last month the Sixers are scrapping the “collaborative” front office model that Harris has preferred. Harris thought in 2018 that Brand was the right fit for the Sixers’ “consensus-oriented” setup, a decision that hasn’t worked out well thus far.