Aeroterm, an investor, developer and manager of airport industrial property, and the Chicago Department of Aviation, broke ground on a $200 Million, 820,000 square foot, O’Hare International Airport Northeast Cargo Center, with Alliance Ground International planned as its anchor tenant.
Located on 65 acres of undeveloped property at northeast side of O’Hare International Airport, the Northeast Cargo Center will be built in three phases. The first phase will include the construction of a building with cargo and office space, and a new taxiway connecting the development with the rest of the airport. The following phases will include construction of additional buildings with cargo and office space.
The new cargo center is expected to generate approximately $600 million to the airport, including $400 million in rental income over the life of the lease. The facilities, which will increase capacity by 50 percent for jumbo jet freighters, will be leased to industry leading airlines, cargo handling organizations and other airport stakeholders. The Mayor’s Office said this project will be completed at no cost to Chicago taxpayers and will incorporate environmentally-friendly elements including LEED certification.
According to Aeroterm, which owns and manages approximately 1-million square feet of on-airport cargo facilities at O’Hare, Alliance Ground International will lease 108,000 square feet of the new air cargo handling facilities, within the first phase of development . In addition to cargo warehouse and office facilities, AGI will lease two B747-8F ramp positions. This first phase of development includes construction of a 428,000 square feet building with cargo and office space and 800,000 square feet of adjacent aircraft ramp.
"Aeroterm is pleased to have AGI serve as an anchor tenant in the first phase of development," stated Erin Gruver, Executive Vice President of Acquisitions and Development for Aeroterm. "This new state of the art cargo facility will allow AGI to serve the needs of their airline and airport clients at Chicago O’Hare more effectively and efficiently."
“AGI is excited to be part of the first airside multi-tenant cargo facility to be developed at Chicago O’Hare in the last 20 years. The new facility demonstrates a joint willingness to significantly invest in air cargo infrastructure at ORD by both Aeroterm and the City of Chicago,” stated Jared Azcuy, Chief Operating Officer for Alliance Ground International.
“I am excited by the economic promise that this new cargo center holds for the City of Chicago,” said Mayor Rahm Emanuel. “This project will create thousands of jobs for Chicagoans, expand O’Hare’s cargo operation capabilities, and will continue to move Chicago forward as a global transportation center and a City with an airport that has the most connections in the world.”