Banker & Tradesman | By Steve Adams
September 29, 2016
The new owners of the Exelon power plant property in South Boston are considering a mix of housing, offices, retail and possibly a hotel for the 14-acre site.
Redgate and Northbrook, Illinois-based Hilco Redevelopment Partners acquired the property in April for $24.25 million. They’re studying how to lay out new buildings for a mixed-use project that would include multifamily housing, offices, restaurants and cafés, service retail, and possibly a hotel in a few years, said Ralph Cox, a principal at Boston-based developers Redgate.
The main power plant structure likely will be demolished.
“We’re definitely looking to keep some buildings or at least a building, but probably not the big one,” Cox said. “To our knowledge it has no redeeming value, but there are a building or two that if structural or marketplace conditions dictate, we’re looking to assess that and see if it’s possible.”
Redgate has hired SG&A as land planners and environmental consultants Geosyntec to assess the condition of the 776 Summer St. property. After completing a structural assessment of the various buildings, the oldest of which was built in 1899, Redgate plans to file a formal proposal with the Boston Planning & Development Agency in early 2017, Cox said.
Encouraging public access is one of the primary design goals.