Hilco Redevelopment Partners Completes Deal To Purchase And Transform A Shuttered Coal-Fired Power Plant In Alexandria, Virginia
Sale of the 71-year-old facility creates opportunity for long awaited mixed-use redevelopment that will provide housing, jobs, and improved public open space along the Potomac River.
CHICAGO, Nov. 16, 2020 /PRNewswire/ -- Hilco Redevelopment Partners (HRP), a unit of Hilco Global, announced today the purchase of the approximately 20-acre Potomac River Generating Station (PRGS) site in Alexandria, VA.
In an agreement negotiated with Potomac Electric Power Company (Pepco), Hilco Redevelopment Partners has acquired the Potomac River Generating Station site including the fee simple interest and leasehold interest which was previously under a long-term ground lease. Pepco will retain a property interest on a portion of the site where it will continue to own and operate an electrical substation.
Located in the Old Town North neighborhood of Alexandria, along the Mt. Vernon Trail and Potomac River, PRGS was decommissioned in 2012 and remains one of the largest industrial sites in the City of Alexandria. In 2017, the Alexandria City Council approved the Old Town North Small Area Plan, which includes the PRGS site and further expressed the City's commitment to creating sustainable and livable communities.
Roberto Perez, Chief Executive Officer of Hilco Redevelopment Partners, said "We're excited for the opportunity to redevelop the old Potomac River Generating Station site. Hilco Redevelopment Partners is committed to remediating this extraordinary site to the most current environmental standards and transforming it into a new and exciting development that will best serve the community and create economic growth and opportunity for all stakeholders. We approach every redevelopment opportunity in a way that is sustainable for the environment, sustainable for the community, and sustainable for jobs. Alexandria will be no exception."
HRP expects to work closely with the City of Alexandria, community members, and other stakeholders in the coming months to collectively reimagine the former industrial site into a thoughtful mixed-use development that benefits the community and becomes a source of pride for the City.
Melissa Schrock, Senior Vice President, Mixed Use Development at Hilco Redevelopment Partners, said "We are thrilled to have the chance to re-envision this former industrial site in a manner that is consistent with the Old Town North Small Area Plan and provides for new uses such as housing, commercial office, dining and retail, and public open space along the Potomac River and we look forward to working with local officials and stakeholders on the vision."
Justin M. Wilson, Mayor of Alexandria said, "The redevelopment of this site is a long time coming, and I expect that Hilco Redevelopment Partners will pursue an environmentally sustainable, economically vibrant mixed-used development that provides housing and neighborhood amenities in Old Town North. I look forward to working with Hilco Redevelopment Partners to propose a bright new future for the property and Alexandria that will be consistent with our Old Town North Small Area Plan."
Hilco Global Founder and Chief Executive Officer Jeffrey Hecktman said, "Every opportunity to transform sites like these into new spaces that better serve the community is exciting for our firm. Given its location in historic Old Town Alexandria and within sight of the Washington Monument and our nation's Capital, this one is special. We're excited to begin the redevelopment process and work as a partner and good neighbor to the citizens of Alexandria."
About Hilco Redevelopment Partners: Hilco Redevelopment Partners (www.hilcoredev.com), a unit of Hilco Global, is in the business of transformation. Hilco Redevelopment Partners is a trusted partner and principal investor focused on maximizing the value of obsolete industrial real estate through responsible long-term redevelopment and transformation. Hilco Redevelopment Partners is committed to remediating each site to the most current environmental standards by partnering with local communities to create economic growth and opportunity for all stakeholders. Hilco Redevelopment Partners creates value by remediating and redeveloping obsolete real estate and transforming it into state-of-the-art logistics facilities, fulfillment centers, and mixed-use developments located near major transportation hubs, ports, and strategic infrastructure assets to expand the local economy and create supply chain efficiencies for end users. HRP's facilities are developed to meet our customers' needs by locating in markets with strong labor pools near major population centers for both large scale industrial redevelopment and mixed-use projects.
SOURCE Hilco Redevelopment Partners
Share this article