The invention described herein provides a process for recycling a mixed polymer recycle stream containing polyester polymers, particularly polyethylene terephthalate (PET) typically in the form of carbonated soft drink or other containers. This novel process includes the steps of: (1) contacting the mixed polymer recycle stream with a solvent which selectively dissolves the PET. (2) separating the selective solvent containing PET from the residual mixed polymer, (3) cooling the selective solvent to precipitate the PET, and (4) removing the selective solvent from the precipitated PET. It is preferable that the mixed polymer recycle stream be prepared for recycling by conventional steps, such as water washing. In a preferred embodiment, the mixed polymer recycle stream is chemically washed subsequent to water washing and prior to contact with the selective solvent. The PET recovered is preferably combined with "virgin" PET and further processed to increase its molecular weight.