Hilco Redevelopment Partners, a unit of Hilco Global, said it acquired the Crawford Power Generating Station site from NRG Energy in Chicago's Little Village neighborhood.
The Crawford site previously operated as a coal-fired power plant since the late 1920s before being decommissioned in 2012. Hilco Redevelopment Partners, based in Northbrook, will undertake comprehensive remediation of the industrial site before proceeding with redevelopment. NRG Energy selected Hilco after an extensive process to sell the property.
Remediation work will begin soon at the Crawford site, may take anywhere from 14-24 months depending on site conditions, and will be completed in accordance with the highest safety and comprehensive industrial regulatory standards. The plan is to begin demolition after the site has been safely abated of any potentially hazardous materials that may present environmental concerns to the community, city or regulators. During this time, Hilco Redevelopment Partners will be in regular communication with community leaders and residents on the project's progress while also creating a redevelopment plan for the highest and best use of the property. The company has launched a website to share updates and information at crawfordstation.com.
"A true hallmark of Hilco's mission is to return economic opportunity to industrial sites that have run their useful life," said Roberto Perez, managing partner, president, Hilco Redevelopment Partners. "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."
Hilco Redevelopment Partners is a unit of holding company Hilco Global, with offices in Northbrook and Chicago. Hilco said it brings a wealth of relevant experience to the 70-acre Crawford site having managed numerous remediation, recycling and redevelopment projects with similar highly complex brownfield sites.