It has been nearly five decades since the Glenwood Power Plant in Yonkers, New York closed its doors, but developer Ron Shemesh has plans to transform this four-building complex on the Hudson into a hotel and convention center. The Wall Street Journal reported that Mr. Shemesh, a plastics manufacturer from the area, bought the property from investor Ken Capolino for $3 million. The project will be costly, however. Mr. Shemesh will need to raise around $155 million to redevelop the plant. In December, the Mid-Hudson Economic Development Council gave Mr. Shemesh a small economic boost with a $1 million grant to preserve the sprawling complex.