City officials say the project is the first in the West Pullman Industrial Park in more than 40 years. Department of planning and development spokesman Pete Scales tells GlobeSt.com the city may be seeing more speculative industrial space being built.
Planning and development officials believe more industrial options in the city is likely to keep more companies, and their jobs, within Chicago's boundaries. "As more of our hometown companies grow, these kinds of projects are needed in order to allow them to expand and flourish in Chicago," department commissioner Alicia Berg says in a statement.
The acreage was appraised at more than $500,000, according to the department, but will be sold to Chicagoland Redevelopment Partners for $319,275. Under the class 6(b) incentive, the property will be assessed at 16% of market value for 10 years, 23% in the 11th year, and 30% in the 12th year. Industrial property normally is assessed at 36% of market value.
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