Chicago Invests In West Side Industrial Space Project
The project, located at 2445 S. Rockwell Street, on the city’s west side, will include 18 loading docks, landscaped buffers and an underground stormwater retention system. The developer, Venture One, aims to lease the space to e-commerce operators and restaurant-related supply companies. The project is expected to create 100 construction jobs and support up to 105 permanent jobs when fully utilized.
City support for the project includes a Class 6(b) property tax incentive, which will save the developer approximately $2.24 million in taxes over a 12-year period. In 2016, the vacant site collected just $16,000 in property taxes. The City estimates the developer to pay $152,000 per year once the work is complete.
“We are very excited to be able to develop a modern industrial facility in the city of Chicago,” Ryan Stoller, Principal at Venture One said. “Companies today want to be located close to the labor and amenities the city center has to offer. This facility will feature unparalleled functionality for its ‘last-mile’ location and will be attractive to a number of companies wanting a state-of-the-art industrial facility, while still being minutes from downtown.”
“By investing in our industrial corridors, we can strengthen them and create new jobs in Chicago’s neighborhoods,” Mayor Rahm Emanuel said. “This new building demonstrates the confidence investors have in our City’s future and I look forward to seeing this building open and generate 200 new jobs in Little Village.”
"Venture One's decision to build this space on spec is evidence that the Little Village Industrial Corridor and the entire South Lawndale neighborhood have become a new center for food distributors and other B2B firms that serve downtown clients," Ald. Michael Scott, Jr. said. "We welcome them to the neighborhood and look forward to their future success."
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