Redgate and Hilco Global reach deal to buy South Boston Power Plant

The Boston Globe reports that developers Redgate and Hilco Global are partnering to buy the South Boston Power Plant site. The partners have reached a deal with current owner Exelon Corporation and will close on a sale by the end of June.

According to Hilco Global spokesman Gary Epstein, the development team will strive to preserve historically significant details on the South Boston Power Plant site. A Massachusetts Department of Environmental Protection currently prohibits residential construction on part of the site; however, with additional cleanup, residential construction could be permitted. More information about the South Boston Power Plant site is posted below.

Local developer Redgate is developing residential buildings including West of Chestnut in Quincy and One North of Boston in Chelsea. Redgate is also a development partner for pharmaceutical buildings including 75|125 Binney and 610 Main Street in Kendall Square. Hilco Global specializes in redeveloping "obsolete industrial sites" and is currently leading the transformation of a 3,400 acre Baltimore steel plant site into a logistics center.

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