Deal would turn old Philly power plant into hotel, housing

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PHILADELPHIA (AP) - A Philadelphia developer says he and a caterer are partnering to turn an old power plant along the Delaware River into a hospitality and housing destination.

Developer Bart Blatstein tells Thursday's Inquirer that he and Joseph Volpe have reached a deal to purchase PECO's shuttered Delaware Station electric plant.

The 16.4-acre site in the city's Fishtown section includes the 300,000-square foot plant and about 1,000 feet of Delaware waterfront.

PECO's parent company, Exelon (NYSE: EXC), confirmed to the Inquirer that it had reached a sale agreement but wouldn't confirm Blatstein and Volpe's were the buyers. Neither site would disclose a price.

Blatstein says he envisions maximizing the plant's spacious interior and riverside location for a hotel, housing, catering hall and marina.

He says they hope to close the deal by March.

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