600K sf warehouse proposed near Goose Island

A sprawling warehouse has been proposed for the site across from Goose Island owned by Peoples Gas.

Logistics Property filed plans with the City Council for the two-story development at the corner of North Elston and West Division streets. The 601,000-square-foot building would be one of the biggest industrial projects near the North Branch of the Chicago River in years, according to Crain’s.

Residential developments have gained favor in the neighborhood since city zoning changes were approved in 2017. The industrial development, however, is in a planned manufacturing district where nonindustrial developments are not permitted.

The warehouse would span multiple levels, still a rarity in the United States but a viable way to fit a sizable warehouse on a smaller footprint. The company’s proposal covers 255,000 square feet, including mezzanine and office space comprising 90,000 square feet. Ramps would provide trucks access to the upper level.

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Warehouses are among the hottest properties in real estate, as e-commerce operations look to tighten delivery windows. Amazon reportedly had interest in the site, though it’s unclear if it still does.

Walmart and Abt Electronics are among the companies grabbing warehouse space in the city.

Logistics Property, based in Chicago and founded in 2018, is also developing warehouses in Atlanta, Houston and other cities. The estimated end value for those properties is $2 billion.

[Crain’s] — Holden Walter-Warner