We are very enthusiastic about the opportunities and pride the redevelopment of this property can bring to the community and the City. Hilco is currently in the process of investigating the highest and best end-uses for the site. Our first step is to safely and thoroughly decommission and remediate the industrial site so that it is clean and ready for redevelopment. We plan to deliver a clean parcel of developable land that meets the needs of the “new economy,” spurring long-term economic promise for the community with options like a logistics center, distribution facility or technology hub.
Given the market outlook, and the great size and location of this site, we imagine this property is ripe for “new economy” business like a logistics center, distribution facility or technology hub.
Hilco does not currently have any plans to seek TIF incentives as part of the site remediation process. In conjunction with investigating the highest and best use for the site down the road, there may be an opportunity to apply for various city incentives in order to attract the right end-user to the site.
A hallmark of Hilco’s mission is to work closely with the community in remediating and then developing a site. Hilco is currently developing a communication strategy to keep the community informed of the overall project’s progress which will include a web page -- www.crawfordstation.com -- regular proactive updates, meetings and open houses. All communications will be in both English and in Spanish.
Hilco and its partners will utilize the highest safety and comprehensive industrial regulatory standards to complete the demolition and redevelopment of the site in the safest and timeliest manner. We anticipate the remediation process could take anywhere from 14 – 24 months once we get started. After that, it is Hilco’s top priority to provide an opportunity for commerce to return to the site as quickly as possible.
Hilco contracts with a highly experienced partner to handle the remediation needed on the site, and that partner always hires local qualified subcontractors, both union and non-union, depending on the best qualified workers in different parts of the country. We expect the same for this project.
Hilco will immediately start remediating the existing structures and expects to begin demolition once the buildings have been properly abated of any materials that may present environmental concerns to the city, community, and/or regulators. We take all appropriate precautions and find the safest and least disruptive routes to move materials out of the neighborhood for proper disposal.
Hilco’s contractor is highly skilled in remediating and demolishing similarly complex projects and will conduct their work in a manner which complies with federal and municipal standards. The abatement of any potentially hazardous materials will be completed by taking every necessary precaution to protect the health and safety of the community. We expect full remediation of the site to take anywhere from 14-24 months, depending on the specific needs at the site to make it as safe and redevelopable as possible.
All content of the purchase and sale agreement is subject to a confidentiality agreement between the seller (NRG) and buyer (Hilco) and so we cannot disclose the financial arrangements of this deal.
Importantly, the first phase of this redevelopment process is remediation and demolition. Completing this process is critical as it allows us to deliver a clean canvas for the future marketability of the site. During this phase we expect to be able to utilize local labor and begin boosting the economy around the site. As we market the site, we plan to communicate to all future tenants the quality and accessibility to a dedicated and hardworking local labor pool.
That certainly hasn’t been the case in the many other projects we manage across the country. Ultimately, through this development we will be boosting the local economy. An unused site is an eyesore. Moving it from dormant to economically vibrant is a great result for the whole community.