HRP Group | ALXnow

City manager proposes $135M financing deal to develop former Old Town North power plant

Published April 29, 2026 at 2:45PM

Rendering of development at the former Potomac River Generating Station property in Old Town North (via City of Alexandria)

On Tuesday, City Manager Jim Parajon unveiled a plan to catalyze a two-phase development of the former Potomac River Generating Station in Old Town North with a $135 million city investment.

The $135 million, 30-year tax increment financing agreement would be funded by projected future tax revenues at the 19-acre mixed-use site through the creation of a Community Development Agency. Under the proposal outlined to City Council, Parajon said the $135 million investment would spark more than $2 billion in private sector investment and generate more than $770 million in tax revenues.

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Community meeting lined up for power plant site’s mixed-use plan in Old Town North

By James Cullum

Published April 14, 2026 at 1:45PM

The overall view of Block B looking west along the Potomac River, at the former Potomac River Generating Station (via City of Alexandria)

The owner of the dilapidated former Potomac River Generating Station in Old Town is hosting a community meeting next month on mixed-use redevelopment plans for part of the site.

HRP Group‘s virtual community meeting will be held via Zoom on Monday, May 4 from 6-7 p.m. Under discussion will be the special use permits for Block B and Block C (both submitted in July 2025), as well as open space along the waterfront and Norfolk Southern rail corridor.

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HRP Group hosts public tours of former power plant site ahead of redevelopment approval

By Ryan Belmore

Published October 3, 2025 at 12:15PM

Tour attendees review renderings and plans for the Old Town North redevelopment, which includes affordable housing, retail space, and arts and cultural programming. (Photo by Ryan Belmore/ALXnow)

HRP Group will welcome 200 visitors during sold-out public tours of the former Potomac River Generating Station site this weekend, providing residents with a firsthand look at the 18.8-acre property before it is transformed into a mixed-use waterfront community.

The tours, held on Friday and Saturday, marked the latest community engagement effort as the developer pursues final approvals for the first phase of construction. HRP Group expects to begin demolishing the defunct coal-fired power plant in 2027, with the first residential buildings scheduled to open by 2029 or 2030.

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Real estate firm behind Potomac River power plant redevelopment spins out as independent company

By Ryan Belmore

Published September 8, 2025 at 1:15PM | Updated September 8, 2025 at 2:13PM

View of Power Plant from Potomac River on March 30, 2025. (photo by Ryan Belmore)

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.

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HRP Group sets virtual meeting for Potomac River Generating Station redevelopment

By Ryan Belmore

Published June 4, 2025 at 5:45AM

View of Power Plant from Potomac River on March 30, 2025. (photo by Ryan Belmore)

HRP Group is hosting its 18th virtual community meeting on June 9, 2025, at 6:30 p.m. to discuss the redevelopment of the Potomac River Generating Station (PRGS) property.

The meeting will cover plans for residential buildings on Blocks A, B, and C, as well as publicly accessible open spaces.

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HRP Group prepares for next phase of Old Town North power plant redevelopment

By Ryan Belmore

Published April 1, 2025 at 8:30PM | Updated April 2, 2025 at 1:52PM

View of Power Plant from Potomac River on March 30, 2025. (photo by Ryan Belmore)

HRP Group (formerly known as Hilco Redevelopment Partners) is moving forward with plans to transform the former Potomac River Generating Station in Old Town North into a mixed-use development, with public engagement on the first phase set to begin next month (May 2025).

The 18-acre waterfront site, purchased by HRP Group in 2020, is slated to become a vibrant destination featuring residential buildings, commercial spaces, and over 10 acres of public open space.