The Philadelphia Inquirer reported today (January 23, 2020) that bankrupt Philadelphia Energy Solutions (PES) has agreed to sell its South Philly refinery complex to a Chicago real estate development company, Hilco Redevelopment Partners. The precise re-use of the property was not revealed.
The price is reported to be $240 million for the 1,300-acre refinery which was ravaged by a fire and explosion on June 21, 2019. According to the inquirer, that blast released 5,000 pounds of a deadly chemical which fortunately for Southwest residents was driven toward New Jersey by a west wind. Shuttered Philly refinery site comprises 23 acres and was shut down completely 6 months ago and more than 1000 employees were thrown out of work.
PES announced the deal Tuesday in a memo to employees and indicated that plans for the site and the former employees would be announced by a Hilco’s affiliate, HRP Philadelphia Holdings LLC, at a later date. The handoff of the property was expected to take place “within 60-90 days,” the memo apparently said. (Inquirer article summarized by Globe Times staff).