It was sounding pretty cool when it was rumored that the Philadelphia 76ers were looking to get a new basketball arena-- but that did not last long.

According to Inquirer.com, the Durst Organization of New York came in and crushed those ideas for the Philadelphia 76ers.

A few weeks ago it was shared that the Sixers were looking to make Penn's Landing their new home but now it seems like they will have to look for another new location.

The investment that beat the Philadelphia 76ers to the punch was made by the Durst Organization of New York and it will cost about $2.2 billion. That's a lot of money. Inquirer.com stated that the Durst Organization of New York is looking to bring "six high-rise buildings among grassy plazas between Market and Chestnut Streets."

The buildings will bring over a thousand new apartment or condo units, over 200 hotel rooms, a supermarket, a preschool, and other commercial businesses. That sounds like some nice fancy stuff, especially if it'll cost 2.2 billion dollars.

 Inquirer.com reported that the Sixers' proposal was somewhat similar but it was still not enough to be able to win and redevelop the Penn's Landing area.

On Durst.org it was stated that this will be the first project that the Durst Organization will be doing outside of New York. Another thing that we were wondering is, what will happen to Dave & Busters, Hibachi Japanese Steakhouse, and Morgan's Pier Beer Garden that are currently in that area? Will those establishments be affected or knocked down? I guess we will just have to wait and see.

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