Investigators said they are looking for the other driver involved.
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It happened around 11:45 p.m. Saturday near 7th Street and Pattison Avenue.
Police said the 23-year-old driver lost control of his Jeep Grand Cherokee and hit a tree.
The Jeep then plowed into a fence and caught on fire.
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The man did not make it out of the burning wreckage.
A family member and friend identify the victim as Elias Torres, 23, of Northeast Philadelphia. He leaves behind a one-year-old daughter.
Police do not know the model of the vehicle witnesses said was racing the Jeep.
Any witnesses are asked to call police.