Philadelphia City Council agreed to extend state and local tax breaks for the developer building warehouses at the site of the former Philadelphia Energy Solutions refinery. Council unanimously passed a 10-year extension of the Keystone Opportunity Zones covering the 1,300-acre property along the Schuylkill River in South and Southwest Philly. The site, now mostly vacant, once housed the largest oil refinery on the East Coast, which closed after a fire and series of explosions in 2019. The developer argues it needs the tax exemptions, which currently expire in 2033, to stretch through 2043 to attract tenants to the Bellwether District, a planned complex of over a dozen warehouses and several buildings intended for life sciences manufacturing, research and development. Read more at PlanPhilly.
Source: PlanPhilly; 10/18/2024