(Read more on the industrial market.)

ELGIN, IL-A joint venture of ICE Realty Group, based in Des Plaines, IL, and TCB Development, headquartered in Tinley Park, IL, has started construction on a 36,951 sf building as part of its WestPoint development at the 120-acre Elgin Corporate Center. The building, located at 2587 Millennium Dr., is part of the 20-acre WestPoint. The estimated cost of the WestPoint development is approximately $20 million, says Jonathan Malm, president of ICE Realty.

The building will have 11 condominium units, which will be about 30% office with the rest warehouse, assembly or showroom space, Malm says. The building is expected to be completed in the first quarter of 2008. The building will have 18-foot clear height with pre-cast concrete. The asking sales price is $315,000 per unit, he says.

A 30,420-sf building was previously constructed at 2585 Millennium Dr. with nine units, which are 80% sold, Malm says. The two condominium buildings will share a truck service court. Arburg USA is one of the occupants of the building at 2585 Millennium Dr.

WestPoint is in the Elgin Corporate Center, which is near the Randall Road interchange for Interstate 90. A 60,000-sf, build-to-suit facility previously constructed at WestPoint is occupied by Auto Body Toolmart, he says. Once the building at 2587 Millennium Dr. is completed, there will still be about 10 acres at WestPoint, which are expected to have between 120,000 sf and 140,000 sf constructed as build-to-suit projects, Malm says.

TCB Design Building is the contractor for the project. Harris Architects is the architect and Jacob & Hefner is the civil engineer for the building project.

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