In an agreement with Potomac Electric Power Company, Hilco Redevelopment Partners 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.
“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,” Roberto Perez, CEO of Hilco Redevelopment Partners, said.
Hilco Redevelopment Partners expects to work with the City of Alexandria, community members and other stakeholders in the coming months to collectively reimagine the former industrial site into a mixed-use development.
“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,” Melissa Schrock, senior vice president of mixed use development at Hilco Redevelopment Partners, 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,” Justin M. Wilson, mayor of Alexandria, 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,” Jeffrey Hecktman, global founder and CEO of Hilco, said.
Hilco Redevelopment Partners acquires and redevelops complex real estate assets.