CHICAGO-While former industrial sites nearby have become part of a burgeoning multifamily neighborhood, United Parcel Service is consolidating operations at 1400 S. Jefferson St. The package delivery company plans to swap a parcel of property it owns west of the Dan Ryan Expressway to allow for expansion of the University of Illinois–Chicago and the South Campus residential development.

UPS plans to create a 39.5-acre “campus” between Jefferson and Canal streets, 12th Place and the Union Pacific railroad embankment. The company will create two employee parking lots, totaling 424 spaces, in the 1400 block of S. Jefferson Street. That would give the campus parking for 1,200 vehicles, including employee and customer cars as well as trucks and trailers. UPS is applying for tax increment financing to help pay for the project.

UPS is attempting to buy former railroad land, including the embankment to the south of its property. City department of planning and development officials say the project will benefit surrounding commercial and residential development with improved landscaping, additional parking as well as provide jobs.

While the project has received a favorable recommendation recently from the plan commission, the request for tax increment financing will be considered by the community development commission.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.