Ryan Companies US, Inc. has announced plans for Pullman Crossings, a transformational, 50+-acre industrial park with Chicago Neighborhood Initiatives (CNI) that will support as many as 1,000 full-time and construction jobs, generate more than $100 million dollars of investment and be a further catalyst for growth and opportunity in the historic Chicago/Pullman community.
The new business park is located at I-94 and 103rd Street, on the largest undeveloped land site within 20 minutes of the Chicago loop. It can accommodate multiple industrial warehouse and distribution facilities totaling up to 1.2 million square feet.
“Pullman Crossings will be a transformational project for the immediate area and the entire 9th Ward,” said Tim Hennelly, President, Great Lakes Region, Ryan Companies US, Inc. “We’re creating a state-of-the-art industrial park within 20 minutes of Chicago’s Loop to attract and accommodate large users, create jobs and be a part of the ongoing effort to revitalize Pullman.”
The announcement of Pullman Crossings comes on the heels of the official start of construction in March by Ryan of the 140,000-square-foot Whole Foods Market distribution center at the south end of the new park. Site work and building shell are completed, while interior build-out is ongoing. A January 2018 opening is planned.
“The investment in Pullman Crossings will create additional new opportunities for continuing to build a strong growing community while improving the quality of life for all its residents and the region,” said 9th Ward Alderman Anthony Beale.
Pullman Crossings also is part of Pullman Park, a 180-acre, mixed use development being master-developed by CNI. Pullman Park has generated $250 million of new investment and created more than 1,000 jobs through the addition of a 150,000-square-foot Walmart and more than 70,000 square feet of new retail space anchored by a Ross Dress for Less, a Planet Fitness, and an Advocate Health Care. Food services and neighborhood amenities such as Potbelly, Laine’s Bakery, and Star Cleaners are expected to open later in 2017, joining Wal-Mart and other retailers already present.
In addition to its proximity to the Whole Food Market development, Pullman Crossings is immediately adjacent to the $20 million, 135,000-square-foot Pullman Community Center being supported by CNI Alderman Beale, and the Roseland Youth Center. When completed the Community Center will create 100 full and part-time jobs and offer flexible space for meetings, community events, exhibitions and year-round sports programming for people of all ages. .
The Pullman area has gained considerable attention over the last 24 months for the many new business and community development initiatives taking place there, as well as the historic preservation of the Pullman neighborhood which was designated a National Monument site in 2015. Industrial users new to the area include Method cleaning products (approx. 150,000 square feet) and Gotham Greens (approx. 75,000 square feet).
“We’re excited to see development plans like Pullman Crossings take greater shape to further solidify and expand on our vision for a strong, sustainable Pullman,” said David Doig, President, Chicago Neighborhood Initiatives. “Together with US Bank, Ryan Companies, Alderman Beale, Mayor Emanuel, and the community, we’re working diligently to build momentum, create opportunity and establish job growth in the 9th Ward and beyond.”
The commitment by Whole Foods and the presence of Gotham Greens are allowing Pullman Crossings to emerge as a food processing and distribution hub in Chicago.
Todd Heine and Brendan Kelly, both Principals with brokerage firm Avison Young, are marketing Pullman Crossings and targeting food processing and distribution firms. The two brokers have significant levels of experience marketing to and working with food processing firms and other warehouse and distribution entities. Avison Young represented Whole Foods Market in the transaction that brought it to Pullman.
“The decision by Whole Foods to establish operations in this increasingly vibrant food processing and distribution corridor has set the stage for others to follow,” said Heine. “Pullman Crossings is an ideal location for food services companies as well as general distribution centers due to its proximity to Chicago’s urban population, experienced labor force and the different means of transportation.”
U.S. Bank owns the underlying land, and has invested in other development of the former Ryerson Steel site, including the Method cleaning products plant and the new retail development along 111th Street.
“We are excited that Ryan Companies is focused on bringing jobs and sustainable economic development to the Pullman neighborhood. We are proud to be a trusted partner on this project, which will help bridge the gap between residents and economic opportunities,” said Steve Kramer, senior vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank.
To kick off marketing efforts for the newly announced Pullman Crossings, Ryan Companies and Avison Young have launched a website (www.PullmanCrossings.com). The website features development details, conceptual architectural renderings and a video animation to showcase Ryan’s vision for the project.
The key benefits of the development include its overall location, transportation access, local amenities and the financial incentives that make a Pullman Crossings build-to-suit development attractive. The new industrial park has great access to a variety of transportation options, including I-94, I-57 and the Norfolk Southern rail spur, making it ideal for companies with significant distribution needs. Additionally, Pullman Crossings has tremendous access to a qualified workforce coming from the 9th Ward and the rest of the City.
Pullman Crossings is financially competitive; it is within a Tax Increment Financing (TIF) district, an Enterprise Zone, and a census tract that is eligible for New Markets Tax Credits—any of which can provide significant financial opportunities for potential users.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, builder, capital investment consultant, and real estate manager. Ryan’s market depth includes retail, industrial, healthcare, and senior living, with development and corporate build-to-suit work spanning office, mixed-use, hospitality, multifamily housing and mission critical facilities. With a focus on bringing lasting value to its customers and the communities in which it works, Ryan has nearly 1300 employees in 13 offices and has completed projects in 40 states. For more information, visit ryancompanies.com.
About CNI
CNI is a community and economic development organization working collaboratively in low-to-moderate income communities to identify and implement high-impact projects that build strong, healthy neighborhoods and improve the quality of life for its residents. Since its inception in 2010, CNI has generated more than $300 million in investments for new developments, creating more than 1,100 new jobs, and made more than a $1 million in micro-loans to growing small businesses from its subsidiary CNI Micro Finance Group, a certified Community Development Financial Institution. Additional information is available at www.cnigroup.org
About Avison Young
Avison Young is the world's fastest growing commercial real estate services firm.
Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. For More information, visit www.avisonyoung.com
About U.S. Bancorp Community Development Corporation
With $24 billion in managed assets as of June 30, 2017, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e171ae63-422e-48d2-a1a7-45ba79272cbc
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/391e7122-6d5c-41d9-9e66-c8c452dcbb2f