Finalists selected for Pershing warehouse redevelopment project
City will choose between three suitors for the McKinley Park site
Chicago’s Department of Planning and Development has narrowed down its list of potential developers for its Pershing Road redevelopment project.
After issuing an RFP in July, the city department has selected IBT Group, LG Pershing Sound Studios and Quartermaster Outpost Studio as the three finalists for the project to rehab a vacant, city-owned warehouse at 1769 West Pershing Road in McKinley Park’s historic Central Manufacturing District, Urbanize Chicago reported.
Chicago’s DPD plans to redevelop the property to offer more employment and economic investment opportunities for residents. Of the five developers who chose to submit proposals, three were selected for the short list to be considered. The project could also include an adjacent 3.2-acre property.
IBT Group has proposed converting the vacant lot into 120 units of mixed-income housing with 200,000 square feet of commercial offices, lab and retail space. The Chicago-based developer plans to include 120 exterior car parking spaces and take advantage of the adjacent parcel by building an additional 50,000-square-foot building and 132 parking spaces. IBT’s plans would cost about $121 million.
LG Pershing Sound Studios wants to convert the old warehouse into 114,000 square feet of commercial offices with 13,500 square feet of retail space and a 40,000-square-foot movie studio. The $95 million project calls for 100 interior parking spots, another 300 exterior and 25 spots designed for semi-trucks. Pershing Sound Studio’s plans also call for the adjacent 3.2-acre site to be developed into 79,000 square feet of movie studio space.
The final proposal, from Quartermaster Outpost Studio, calls for 425,000 square feet of mixed-use business space with an additional floor built to include 40 mixed-income residential apartments. The $90 million project would have 123 parking spaces and include a 75,000-square-foot movie studio with exterior parking for the adjacent site.
The Department of Planning and Development will present the proposals to local residents for consideration through the month of February and could make a decision as soon as this summer.
— Victoria Pruitt