While Chicago development is hot overall, industrial development is especially picking up in areas surrounding downtown Chicago. Right now, there is limited inventory and a very high demand for quality built industrial space. As a result, development is picking up to meet the needs of manufacturers and those in the e-commerce industry.
Chicago developer, Logistics Property Co., is planning a 271,000 square foot logistics facility in Aurora, IL that is set to be completed by early 2023. Developers are hoping that projects like this in the Chicagoland areas will help with record-low vacancy rates of 2%.
Demolition permits have been issued for 140 N. Ashland Ave, Marquette Companies’ 12-story residential project. The project will contain 240 units and ground floor retail space. The project will be Energy Star certified and will contain green roofs and EV charging stations.
1353 W. Fulton Street, a massive mixed-use project by Shapack Partners, has been approved by the city council. The 28-story tower will have 305 units, retail and plentiful parking. This project is one of many new transcending buildings in the Fulton Market district.
Developer Related Midwest is set to build two warehouses in the North Lawndale area. Currently, this site is the largest vacant area on the city’s West Side, so the project is expected to bring work and business back into the area. Projects like this are helping to transform the city’s lacking areas and make use of quality space.