Northbrook-based Hilco Redevelopment Partners Tuesday announced plans to redevelop a historic Little Village power plant site into a 1M SF industrial campus. Hilco Redevelopment Partners President Roberto Perez said the Crawford Power Generating Station site is ideal for a last-mile distribution and logistics development, with its location and surrounding population density.
The 70-acre site is along Interstate 55 at Pulaski Road, and marks one of the largest infill industrial redevelopments planned inside Chicago's city limits in this real estate cycle. The Crawford station and its sister plant, the Fisk Power Generating Station in Pilsen, ceased operations in 2012 after owner Midwest Generation reached a deal with the city to close them.
The plants, which opened in the 1920s, were fueled by coal to generate electricity. Pilsen and Little Village residents pushed for the plants' closures on environmental grounds. Midwest Generation later sold the plants to NRG Energy, which agreed to review redevelopment options.
Hilco expects the Crawford Station redevelopment to cost $100M, including the cost of buying the property. Hilco plans to demolish the existing plant and remediate the site, a process that may take up to two years. Hilco is also working with Alderman Ricardo Munoz (22nd) and Little Village community groups on a binding benefits agreement.
"The Hilco Redevelopment team understands that we have a terrific labor pool that can support the type of 'new economy' businesses that they expect to attract to the site. This will be a terrific boost to the economy in Little Village and throughout Chicago,” Munoz said in a statement.
)
)
)
)
)
)
)
)
)
)
)
)