It has been over three years since Hilco Redevelopment Partners bought out the former site of the Philadelphia Energy Solutions refinery in South Philadelphia, and plans for its future are now underway, writes Paul Schwedelson for the Philadelphia Business Journal.
Hilco Redevelopment Partners had previously announced the construction of the Bellwether District, a new $4 billion project that will include two industrial buildings — a warehouse/industrial area and a life sciences campus.
Once completed, the Bellwether District is projected to have 10 million square feet of industrial space for its two buildings.
The first building is expected to be completed in late 2024 and early 2025, with the second building expected to be completed two to three months afterward.
As the construction begins, Hilco CEO Roberto Perez will soon begin marketing to tenants.
From there, the goal will be to fill each of the buildings over the next several years.
Once completed, the Bellwether District project is expected to create 27,500 construction jobs and 19,000 permanent jobs and become Philadelphia’s newest hub.
“This is impact investing on another level, on a scale that’s very, very, very significant,” Perez said.
Learn more about the Bellwether District at the Philadelphia Business Journal.