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$3 million for Peco's ex-Delaware Station (Update)

Volpe plans hotel

UPDATE:  Developer Bart Blatstein confirms that he and frequent busines partner Joseph Volpe, of Cescaphe Event Group, have paid $3 million to buy the vacant former Philadelphia Electric Co. riverfront Delaware Station in the city's Fishtown section, and are pushing ahead with their plan to add one or more hotels and a catering hall complex at the high-ceilinged hall, pending financing and partners.

EARLIER: Back in January, Blatstein (of Tower Properties and city apartment and retail projects in North and South Philly and, lately, down the Shore) and Volpe, whose firm controls many of the city's most attractive and lucrative wedding-party venues, told me they'd agreed to buy the imposing, John Windrim-designed former power plant from Peco Energy Co. Peco spokesman John Judge now tells me the company has completed its sale of the site, also home to the historic former Cramp's shipyard.

City records show that "Delaware Station LLC," based at Cescaphe's offices in the city's Fairmount section, paid $3 million for the 16-acre Delaware Station property in May. In its power-station days the complex included a sports facility and other amenities; the interior was a setting for the movie Twelve Monkeys.