By John McDevitt

PHILADELPHIA (CBS) — An energetic plan is in the works to turn a defunct electricity generating plant, along the Delaware River in Fishtown, into boutique hotels with elegant ballrooms.

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Developer Bart Blatstein and caterer Joseph Volpe have signed a contract with Exelon Corporation to buy the old power plant at an undisclosed price.

Blatstein says it’s a one-of-a-kind property with 300,000 square feet of vacant buildings.

“In addition to that, there is a pier that juts out into the water, I think about 150 feet,” Blatstein tells KYW Newsradio.  “So just think about it: you can pull up your boat next to the pier, and you can dine with us, and you can stay with us, and even have a wedding with us.”

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Blatstein says he is going to let his partner take the lead on the project because of his business savvy and experience in special-event venues.

“He has five facilities, and just in weddings alone he has done over 600 wedding last year,” Blatstein says.  “He is spectacular he is a superstar, and I’m thrilled to help him in his growth and expansion.”

The development may include apartments eventually.

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Philadelphia Electric Company built the facility shortly after World War I.