Last week, Philly.com reported that developer Bart Blatstein has partnered with Cescaphe Event Group owner, Joseph Volpe in the purchase of the former Peco power plant located on the Delaware River Waterfront in Fishtown.
The property consists of several vacant buildings that total in 300,000 square feet of space. The plans include to construct two boutique hotels each including its own ballroom with 55 foot high ceilings. Volpe and Blatstein have previously worked together on development projects that include the renovation of the former Imperial Theater in Northern Liberties, which is now the Cescaphe Ballroom. This is one of five venues under the Cescaphe Event Group. Volpe’s event group hosts over 600 wedding receptions a year in its five venues throughout the city.
Blatstein and Volpe have always enjoyed tackling projects that involve rehabilitation and revitalization of old neighborhoods throughout Philadelphia.
Philly.com reported that an Exelon representative confirmed five serious bidders on the property. Blatstein and Volpe are hoping to finalize and close the deal in March.