The company's United Assets Management Co. had won approval in October 2002 to build a $4.5-million office and manufacturing facility at 41st Street and Normal Avenue near the former Chicago Stockyards. However, says John Malloy of the city's department of planning and development, new residential development has sprouted to the north and south of that city-owned site.

The city has a somewhat smaller--3.1 acres--site at 4100 S. Packers Ave. in a nearby industrial area, and United Assets Management Co. has agreed to buy it for $440,000. That is $100,000 less than the city's most recent appraisal, Malloy says, which will be made up in the company's product.

United Concrete Corp. has agreed to contribute $100,000 worth of concrete to a park at 601 W. 41st St., Malloy says. Besides bringing high-paying jobs to the South Side, the 9,000-sf project also increases property taxes on a parcel that has been vacant for more than 10 years, he adds.

The sale was endorsed Tuesday by the community development commission.

Back of the Yards Neighborhood Council president and chief executive officer Patrick J. Salmon says his group has been working with United Concrete for about five years on locating on the South Side. Alderman James Balcer notes his 11th Ward is reversing a long-time trend, drawing a company that has operations in far north suburban Lake County and far northwest suburban McHenry County.