Site of former Philadelphia Energy Solutions refinery draws $240M bid

PHILADELPHIA (WPVI) -- A Chicago-based real estate developer is the winning bidder for the sprawling piece of land that's home to the defunct Philadelphia Energy Solutions refinery.

Hilco Redevelopment Partners is expected to pay $240 million for the site, according to bankruptcy court documents.

PES filed for bankruptcy back in July and put its plant up for sale one month after a fire and explosions destroyed a portion of the refinery.

More than 1,000 workers were laid off in the process.

The sale still needs federal approval and it's not yet clear how the new owner intends to use the land.