It has been over three years since the Durst Organization submitted its winning bid to develop a 12-acre site at Penn’s Landing, but the project is still on hold, writes Paul Schwedelson for the Philadelphia Business Journal.

The New York-based real estate company has not made much progress on the $2.2 billion plan as it is still in the process of negotiating a development agreement with Delaware River Waterfront Corp., which owns the land.

The quasi-public agency selected Durst to develop seven acres between Market and Chestnut streets through a request for proposal process. The developer proposed 3.5 million square feet of development that would include 1,834 residential units, a 225-unit hotel, and 94,000 square feet of retail space, along with some affordable housing.

The proposal submitted by Durst beat out the Philadelphia 76ers’ bid for an arena at the site.

“New development in Philadelphia and nationally remains extremely difficult due to a challenging financial market, high interest rates, and high construction costs,” said a Durst spokesperson. “The Durst Organization believes in the significant potential of Penn’s Landing. We continue to maintain our sites and examine next steps.”

Read more about the still-pending project at Penn’s Landing at the Philadelphia Business Journal.

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