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Chicago announces plans for $169M industrial complex
Jul 09

Editors Note APNewsNow.

CHICAGO (AP) _ The city of Chicago has announced plans for a $169 million industrial complex on the Southeast Side that it hopes will serve as a Midwest epicenter for transportation and logistics.

A Sunday statement from Mayor Rahm Emanuel's office says Kansas City-based real estate company NorthPoint Development would spearhead the project.

The plans call for 2.2 million-square-foot (204,386-square-meter) area for six state-of-the art industrial buildings around 116th and Avenue O. Each building could house several companies.

The statement says the buildings, combined with NorthPoint's adjacent supplier park serving a Ford assembly plant, would create one Chicago's largest industrial parks.

The city is proposing $25.3 million in tax increment financing assistance. It would go toward roadway and other site improvements.

The project will require approval from, among others, the Chicago Plan Commission.

By The Associated Press, Copyright 2019