Village officials this week approved plans by the Rosemont-based development arm of McShane Construction to tear down a former sealant factory at 315 South Hicks Road and build a 338,000-square-foot spec distribution and warehouse facility, according to the Daily Herald.
Officials also voted in favor of a tax incentive that would see the property assessed at a lower rate for 12 years.
Conor plans to spend $18 million on the project.
Plans call for demolition of two buildings and soil cleanup to begin in September with the new building ready by mid or late 2020, Conor Executive Vice President Brian Quigley told the Daily Herald. It’s already drawn interest from at least one big e-commerce company, he said.
Conor is launching the Palatine project at a time when the Chicago-area industrial market is riding high. The overall vacancy rate dipped to 5 percent in the second quarter, a 19-year low, according to Cushman & Wakefield. Palatine and other areas around O’Hare Airport have particularly benefitted from the surging market, as the region continues to be Chicago’s hottest industrial submarket. [Daily Herald] — John O’Brien