HRP Group, which is redeveloping Alexandria’s former Potomac River Generating Station power plant site, announced Monday that it has completed its separation from Hilco Global and will operate as an independent company.
The real estate redevelopment firm manages $2.6 billion in assets and oversees more than 23 million square feet of real estate across 2,300 acres in eight major U.S. markets.
The company is converting the former Potomac River Generating Station power plant site into a mixed-use development. The project is part of HRP’s portfolio of brownfield redevelopments, which includes the transformation of Baltimore’s former Sparrows Point steel mill into Tradepoint Atlantic, a logistics hub, and the redevelopment of Philadelphia’s former oil refinery into The Bellwether District innovation campus.
The power plant closed in 2012, and HRP has been working through city approval processes for the redevelopment. The company received City Council approval for its sustainability strategy in 2023.
“This spinout is the next step in HRP’s evolution and will allow us to continue our transformational work at an even greater scale,” said Roberto Perez, HRP’s co-founder and CEO. “We are seeing more opportunities than ever that align with our mission and track record of reimagining and repurposing strategic real estate for the future.”
The company plans to launch its first value-add investment fund in late 2025. HRP specializes in redeveloping obsolete industrial sites into logistics infrastructure, mixed-use developments, and innovation hubs.
Founded in 2011, HRP is a real estate investment firm that acquires and redevelops brownfield sites. The spinout completes a strategic plan that HRP first announced in June 2024.
Hilco Global Founding Chairman and CEO Jeffrey B. Hecktman will retain his interest in the company through the Hecktman Family Office following the separation.
HRP is headquartered in Chicago, Illinois.
