PHILADELPHIA (CBS) - A $6-million state grant has been awarded to redevelop the historic site that once housed the legendary Blue Horizon boxing venue, on North Broad Street.

The proposed project will involve the hospitality industry,  just blocks away from Temple University.

Mosaic Development Partners of West Philadelphia has teamed up with Orens Brothers Real Estate to develop the property, which started off as three mansions built back in 1865.

It was a Moose Lodge, then in 1961 became the legendary Blue Horizon — up until last year, when it closed due to tax problems.

“The proposed venue at this point will be a combination restaurant and hotel,” says developer Scott Orens.   “It will be a historic renovation.  We will be leaving the historic boxing amphitheater, but the use of it might be changed into more of a restaurant seating area.”

Orens says the grant helps the project move forward, and delicate negations are underway with interested parties that may want to join the project — which could get started as early as next year.

Reported by John McDevitt, KYW Newsradio 1060