Midwest Industrial Funds’ petition to annex 225 acres for development of an industrial complex is moving forward.
Geneva officials are considering an east side redevelopment plan and the establishment of a tax increment financing district spanning 297 acres, including the Midwest site, which is between Route 38 and Kautz Road, south of Fabyan Parkway.
The TIF could fund more than $185 million in redevelopment costs, the Daily Herald reported.
Oak Brook-based Midwest Industrial Funds aims to rezone the site from rural residential to light industrial use. The company is also seeking approval for a planned unit development, along with subdivision plats.
Community members were irked when the firm removed about 75 burr oak trees, some of which were estimated to be 300 years old. Despite opposition from nature advocates, the area where the trees once stood is designated for one of the warehouses within the planned development.
The site is slated for subdivision into four parcels. Two development scenarios have been presented, encompassing between 2.1 to 2.5 million square feet of warehouse space across eight to 12 buildings on separate lots.
Both scenarios allocate space for wetland conservation, stormwater facilities and an electric substation parcel. In addition, the developer is committed to extending Kautz Road and designating space for an electric substation aimed at servicing the proposed development and surrounding areas.
The proposed wetland area is designed to incorporate native plants and enhanced water storage capabilities, aimed at mitigating chronic flooding.
The village’s planning and zoning commission is expected to hear the case Thursday.
The industrial asset class has outperformed other commercial real estate sectors in the past few years.
Although industrial investment is at an all-time high, the market could be heading toward over saturation. The amount of industrial space entering the market in the third quarter of 2023 — 12.8 million square feet — was the highest since 1999, according to JLL.
—Quinn Donoghue
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