Hilco Redevelopment Partners
Coal-conveyor-picture
Coal Conveyor at PRGS
Hilco Redevelopment Partners (HRP), based out of the Chicago suburb of Northbrook, Illinois, announced the purchase of the old Potomac River Generating Station (PRGS), a 20-acre site located at 1400 N. Royal St. in North Old Town.
The site was purchased from Potomac Electric Power Company (Pepco), which will retain a small portion of the site in order to run an electrical substation.
The former power plant located first began operations in 1949. It was shut down in 2012 following years of opposition from local residents and environmentalists who were concerned about the plants large production of air pollution. Power company GenOn leased the site from Pepco for decades and residents referred to it as the "GenOn Plant" rather than Pepco.
The site has long been on the City’s radar for redevelopment. In the City’s Old Town North Small Area Plan adopted in 2017, the former power plant was titled “a unique opportunity.” The plan went on to say that “the former power plant site will modify its relationship with the environment by restoring waterfront open spaces, reducing impervious surfaces, remediating the soil, treating stormwater runoff, and restoring portions of the Resource Protection Area (RPA). The site will be accessible through public transportation, the pedestrian and bicycle network, and will engage the adjoining uses and buildings.”
HRP leaders are eager to work with the City, members of the community and other shareholders to bring this vision to life and create a special space for Alexandria.
Chief Executive Officer of HRP Roberto Perez 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."
Melissa Schrock, Senior Vice President of Mixed Use Development for HRP shed some light on potential uses for the site like “housing, commercial office, dining and retail, and public open space along the Potomac River.”
HRP has established itself as a leader in redeveloping complex real estate like former industrial sites and transforming them into useable and sustainable spaces. While this will be HRP’s first project in Alexandria, they have worked on a number of similar projects in Baltimore, Chicago and Boston.
