DPD Selects $23.7 Million Industrial Project for City Land in New City

A $23.7 million industrial building will replace 8.2 acres of vacant City land in the Stockyards Industrial Corridor, Department of Planning and Development (DPD) Commissioner Ciere Boatright announced today.

Planned by the Missner Group and Cabrera Capital for 1924 W. 46th St. in response to a DPD Request for Qualifications (RFQ), the 126,360-square-foot building is expected to create up to 120 permanent jobs when fully leased. Potential tenants include restaurant suppliers, distribution companies, building material suppliers, event production firms and downtown service providers.

The proposed project would be accessed from Damen Avenue and include substantial landscaping along the site's Wolcott Avenue and 46thStreet frontages.

"Given the location in the Stockyards Industrial Corridor, the RFQ prioritized development teams that could leverage the site's potential for new jobs on behalf of nearby residents," Commissioner Boatright said.

As a speculative development involving City land, the proposal requires compliance with the City's Sustainable Development Policy, which promotes sustainable construction methods, and Air Quality Ordinance, which requires traffic and air quality impact assessments performed by Chicago Department of Transportation and the Chicago Department of Public Health, respectively. A Planned Development zoning designation is also required.

Vacant and primarily used for outdoor industrial storage since the early 1980s, the site was acquired by the City in 2008 for $2.2 million. The proposed purchase price is the property's market value of $3.3 million.

"The development team is from the Southwest Side and its vision for the site represents a viable approach to improving this long vacant City property," Ald. Julia Ramirez (12th) said.

"The coordinated development process on 46th Street will help achieve local goals involving new economic investment and jobs within the Back of the Yards community. Site improvements and traffic mitigation will address the needs of nearby residential areas while continuing investment in one of Chicago's most historic and storied neighborhoods," Ald. Raymond Lopez (15th) added.

The proposed project was one of three responses to the RFQ. Proposals were evaluated based on the proposed concept as well as the development team's financial capacity, relevant experience and overall project feasibility, among other factors.

A public meeting will be scheduled as part of the project's formal review and approval process.