CHICAGO (AP) — The city of Chicago has announced plans for a $169 million industrial complex on the Southeast Side that it hopes will serve as a Midwest epicenter for transportation and logistics.
A Sunday statement from Mayor Rahm Emanuel's office says Kansas City-based real estate company NorthPoint Development would spearhead the project.
The plans call for 2.2 million-square-foot (204,386-square-meter) area for six state-of-the art industrial buildings around 116th and Avenue O. Each building could house several companies.
The statement says the buildings, combined with NorthPoint's adjacent supplier park serving a Ford assembly plant, would create one Chicago's largest industrial parks.
The city is proposing $25.3 million in tax increment financing assistance. It would go toward roadway and other site improvements.
The project will require approval from, among others, the Chicago Plan Commission.