By CBS3 Staff

PHILADELPHIA (CBS) — There’s new information first on CBS3 about the future redevelopment of Philadelphia’s Penn’s Landing. Eyewitness News had learned that the Delaware River Waterfront Corporation will officially select the developer for one of four proposals at a meeting Wednesday.

One proposal includes a new arena for the Sixers. A source tells Eyewitness News the targeted location would be along the river between Market and Chestnut Streets. That’s the land that’s occupied right now by the Blue Cross River Rink.

The Sixers say, along with a state-of-the-art arena and thousands of new jobs, the team would also commit to revitalizing the area by building a new school and an African American museum.

The Sixers’ lease with the Wells Fargo Center isn’t up until 2031 so the process may take a while.