PCCP has provided $500 million in financing to Hilco Redevelopment Partners for the multibillion-dollar redevelopment of the former Philadelphia Energy Solutions oil refinery.
The 1,300-acre South Philadelphia property, now called the Bellwether District, is set to be transformed into a state-of-the-art, 15 million-square-foot life science, e-commerce and logistics campus.
The borrower is a joint venture, led by operating partner Hilco Redevelopment Partners with co-investors, including Caisse de dépôt et placement du Québec, which acquired the property out of bankruptcy in 2020 for $225.5 million. The transformation of the former oil refinery includes the decommissioning of the refinery and significant demolition and remediation work, including the removal of roughly 30,000 tons of asbestos.
Redevelopment efforts initially began in June 2020 and substantial progress has been made to date. Site work and vertical construction are expected to commence this year with the first tenants expected to occupy buildings in 2023.
Once home to a 150-year-old oil refinery that produced 16% of all Philadelphia’s greenhouse gasses, Bellwether District is expected to become an economic engine for Philadelphia, supporting businesses, generating an estimated 19,000 permanent jobs, creating millions in tax revenue and preparing hundreds of students for their future careers through internship and apprenticeship programs, according to a press release announcing the financing for the project.
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