This article was produced by Hilco Redevelopment Partners (HRP).
One quarter of all operative U.S. coal-fired power plants will retire by 2035. This could hurt the U.S. economy—or offer the chance to transform it.
Just ask Hilco Redevelopment Partners (HRP). HRP has made a business out of transforming not just sites, but also local economies, communities, and environments. Take New Jersey, for example, where HRP is turning two retired power plants into state-of-the-art logistics parks, HRP Hudson and HRP Mercer.
For redevelopers hoping to do the same, HRP recommends two things: Choose a strategic location and then maximize its possibilities. Below, they share why.
Highway, airport, and seaport access equals fast shipping for future tenants. For example, easy highway access means that HRP Mercer could serve as a strategic regional distribution hub for the I-95 Northeast corridor including the Philadelphia and New York City metropolitan statistical areas (MSAs). Considering that 96 percent of Americans take “fast shipping” to mean “same day,” this is a huge win for tenants.
Proximity to a strong labor market means you can fill jobs. HRP expects to create 1,300 jobs in New Jersey, which is why they looked for locations with strong workforces. HRP also invests hundreds of thousands in job trainings and scholarships across the nation to further strengthen the workforce.
Further build community resilience through outreach. Hilco Helps, our worldwide initiative to support causes and not-for-profits, provides millions of dollars of support in addition to volunteer time and internship opportunities.
To learn more about HRP’s holistic approach to transformation, go to hilcoredev.com.
