By CBS3 Staff

PHILADELPHIA (CBS) – The Delaware River Waterfront Corporation has denied a proposal that would create a new Sixers stadium in Penn’s Landing. Instead, the DRWC has selected a proposal from The Durst Organization for the Penn’s Landing project.

This is something that’s going to require a lot of considering and planning.

Public parks, a new hotel, retail shops, apartments and even a marina basin — those are just some of the highlights from The Durst Organization’s proposal to redevelop Penn’s Landing.

The Board of Directors voted unanimously Wednesday morning during a public meeting. The proposed development will be located at Penn’s Landing on Columbus Boulevard, between Lombard and Market Streets.

“It’s going to be an opening, inviting place for people to be able to enjoy the park and be able to come into the development, shop, dine, relax,” Alexander Durst, of the Durst Organization, said.

The $2.2 billion plan also commits to building affordable housing. Plus, it does not require any public tax money, much to the liking of the Delaware River Waterfront Corporation, which selected Durst’s proposal Wednesday.

The DRWC says it would create nearly 2,000 permanent jobs.

“We are thrilled to announce the selection of The Durst Organization as our next key development partner in DRWC’s effort to revitalize the waterfront,”  Alan Hoffmann, chairman, DRWC Board of Directors said. “After considering four strong proposals, we came to the conclusion that The Durst Organization offered the best plan to meet the goals and criteria identified through the public engagement process for the Master Plan for the Central Delaware.”

In its proposal, The Durst Organization has pledged to invest over $2.2 billion into Philadelphia’s Delaware River Waterfront. Over eight years of construction, the building project will create a total one-time economic output of $3.9 billion in the Commonwealth of Pennsylvania.

The Sixers said in a statement it will continue looking for a new home for its team.