Energy giant Phillips 66 has hired two development powerhouses to envision what could be built on Los Angeles land in once its oil refinery is closed.

Phillips 66 plans to close its refinery near the Port of Los Angeles in late 2025. The company’s announcement Wednesday follows Gov. Gavin Newsom’s signature of legislation implementing new oil controls.

LOS ANGELES (AP) — Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns. The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission. The company said it will remain operating in the state.