Industrial development selected for DPD New City RFQ

The Department of Planning and Development has announced its selection of a $23.7 million industrial development in response to its New City RFQ. Located at 1924 W. 46th, the project site is bounded by W. 46th St to the south, S. Damen Ave to the west, and S. Wolcott Ave to the east. Vacant and primarily used for outdoor industrial storage since the early 1980s, the site was acquired by the city in 2008 for $2.2 million. 

“Given the location in the Stockyards Industrial Corridor, the RFQ prioritized development teams that could leverage the site’s potential for new jobs on behalf of nearby residents,” Commissioner Boatright said. 

Planned by the Missner Group and Cabrera Capital, the 126,360-square-foot building is expected to create up to 120 permanent jobs when fully leased. Potential tenants include restaurant suppliers, distribution companies, building material suppliers, event production firms and downtown service providers. 

The proposed project would be accessed from S. Damen Ave and include substantial landscaping along the site’s Wolcott Avenue and 46th Street frontages. 

As a speculative development involving city land, the proposal requires compliance with the City’s Sustainable Development Policy, which promotes sustainable construction methods, and Air Quality Ordinance, which requires traffic and air quality impact assessments performed by Chicago Department of Transportation and the Chicago Department of Public Health, respectively. A Planned Development zoning designation is also required. The proposed purchase price is the property’s market value of $3.3 million.  

The proposed project was one of three responses to the RFQ. Proposals were evaluated based on the proposed concept as well as the development team’s financial capacity, relevant experience and overall project feasibility, among other factors.