Hilco Scoops Up Former Chicago Power Plant
- Feb 09, 2018
Hilco Redevelopment Partners, a unit of Hilco Global, has purchased the former Crawford Power Generating Station site in Chicago from NRG Energy. The company plans to demolish the old coal-fired power plant and bring a new industrial facility to the Little Village neighborhood. The redevelopment work is expected to begin as soon as the 70-acre site will be in accordance with all safety regulatory standards and to last between 12 and 24 months.
According to Chicago Tribune, the acquisition is part of a $100 million-plus project to demolish the facility and replace it with roughly 1 million square feet of warehouse space.
“We see the Crawford site as a transformational opportunity to take 70-acres of urban infill industrial land from an obsolete facility and eyesore to a modern and robust economic engine in the neighborhood. This location and current zoning classification offers great potential to serve as a last-mile distribution and logistics facility given its proximity to such a significant population center,” said Roberto Perez, president & managing partner with Hilco Redevelopment Partners, in a prepared statement.
90 years of activity
Located at 3501 S. Pulaski St., the power station was functional between 1924 and 2012. The site is close to Interstate 55 and Chicago Midway International Airport and less than 10 miles from downtown Chicago. Upon completion, the new industrial property is expected to be an economic driver for the area, creating jobs and attracting businesses.
According to the Crawford Station website, Midwest Generations, which also owned and operated the nearby Fisk Generating Station, bought the facility in 1999. Both plants used to generate power for approximately one million homes. NRG Energy acquired the assets two years after closing due to environmental issues.
For the new owner, the property represents one of several industrial assets the company acquired across the U.S. within the past years. Hilco’s industrial property portfolio also includes Tradepoint Atlantic in Baltimore, which has recently landed its first retail tenant, as well as the former Boston Power Generating Station and The Gauge in Boston.
Image courtesy of Hilco Redevelopment Partners