By Pat Loeb

PHILADELPHIA (CBS) — Developer Bart Blatstein has announced an audacious plan for the white tower on North Broad Street that currently houses the Philadelphia Inquirer and Daily News.

Blatstein bought the building — and tried to buy the papers — from the New York hedge funds that got them in bankruptcy. It turns out he was also busy buying up surrounding property to create a three-block complex of retail and entertainment, centered around a casino.

“The economic impact to North Broad and North Philadelphia is transformational.”

Blatstein faces a major hurdle. The state did set aside two casino licenses for Philadelphia and only one has been built, but the Gaming Commission is not accepting applications for the second because state legislators are considering opening it up to other locations.

Blatstein says he believes it will stay here.

“We have every belief that we will present the best plan and the best economics for putting it at our site.”

The newspaper offices are moving to a smaller space in 8th and Market Streets.

Top Content On CBSPhilly

More From CBS Philly

Latest Videos
Latest Forecast

Watch & Listen LIVE