Hilco wins big tax break for 1M sf Little Village industrial complex

The firm’s plans ran into opposition from community groups, but aldermen eventually granted the property tax incentive

Mar.March 14, 2019 11:00 AM

Hilco Redevelopment Partners CEO Roberto Perez and a rendering of Exchange 55 (Credit: LinkedIn)

Hilco Redevelopment Partners scored a nearly $20 million tax break for its massive $100 million industrial complex in Little Village.

The City Council Wednesday voted to reduce property tax assessments for 12 years on the firm’s planned 1 million-square-foot “Exchange 55” project on Pulaski Road near the Chicago Sanitary and Ship Canal, according to Block Club. The incentive will save the firm $19.7 million.

The city last year approved Hilco’s plans for the 70-acre site of the shuttered coal-fired Crawford Power Plant, but the Northbrook-based company’s request for the tax break ran into resistance from members of the community who weren’t happy with the project in the first place. Opponents complain the facility will add to congestion and diesel pollution in the area.

Hilco in 2017 bought the power plant property, which was shut down in 2012 after years of pressure from environmentalists. Hilco also is buying the former Fisk Generating Station in Pilsen, also shut down in 2012, with plans to turn that property into a massive data center.

Hilco expects the Little Village project will take two years to complete. When finished it will join a number of new projects on the Southwest Side of the city and in the greater Interstate 55 industrial corridor, one of the hottest submarkets in the booming Chicago industrial scene. [Block Club] — John O’Brien

Related Articles

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay inks tech firm to latest lease at Fulton Market HQ

Chicago Skyline (Credit: iStock)

Windy City’s real estate blown away by other cities

President Donald Trump, Trump International Hotel & Tower 401 N. Wabash Avenue and Cushman & Wakefield CEO Brett White (Credit: Getty Images, Cushman and Wakefield)

Trump Tower has new leasing broker for failing retail space

Ald. Daniel La Spata (1st) and 2620 Hirsch Street in Humboldt Park (Credit: Google Maps)

RBH Group faces setback in its Teachers Village resi project

Freehand Hotel and Queensgate Investment Company CEO Jason Kow

Queensgate lands $44M acquisition loan on hip Freehand Chicago hotel

The Ramova Theatre and Ald. Patrick Daley Thomson (11th) (Credit: iStock)

A real estate encore for the Ramova Theatre

Oakbrook Terrace Tower at 1 Tower Lane and Blackstone's Jon Gray (Credit: Google Maps, Getty Images)

Blackstone Group notches big real estate win in Chicago suburbs