Banner Wholesale Grocers is developing a 75,000-square-foot new warehouse on the South Side, joining a growing number of industrial projects in the city.
The company said it has outgrown its existing warehouse across the street from the new project at 3000 S. Ashland Avenue, with business doubling in the last five years alone. The warehouse will feature a cash-and-carry section up front, along with an on-site taqueria for customers.
The company declined to release the cost of the project at 2639 South Damen Avenue, though documents filed with its building permit applications estimated the work at more than $8 million.
Banner bought the property in June 2017 for $1.4 million, and took out construction loans of $4.6 million and $5.8 million late last year, both from JPMorgan Chase, according to Cook County records.
Meridian Design Build is the contractor on the building, which was designed by architect Richard L. Schmidt, documents show.
Chicago’s industrial market remains strong, with projects sprouting up across the region, including on the South Side.
Amigos Foods’ 110,000-square-foot processing and warehouse facility near 51st and Kedzie landed one of the biggest construction loans of the second quarter,[https://therealdeal.com/chicago/2018/07/20/here-are-chicagos-top-construction-loans-of-q2/] while Venture One and USAA are planning a $17.5 million speculative logistics complex not far from the Banner site at 2445 South Rockwell Street.
And a couple miles south, in Back of the Yards, Marina Cartage is building a 633,000-square-foot spec industrial complex at 2075 West 43rd Street.