IBT Group, LLC, plans a $50 million build-out of The Terminal, three warehouses in West Humboldt Park.
Municipal leaders including Chicago Mayor Lori Lightfoot attended a formal ribbon-cutting for the 250,000 sq. ft. space project on 6.9 acres on Nov. 9. Department of Planning and Development (DPD) Commissioner Maurice Cox, Ald. Emma Mitts (37th Ward) and World Business Chicago representatives also attended the event.
A statement from the Mayor’s office says the expansive property, over 100 years old, will be transformed into an urban workspace campus for makers, creatives and innovators, designed to fit in with the existing character of the neighborhood.
“As our city continues to respond to the economic impact of COVID-19, we must ensure that our communities—especially those that have been historically under-invested—have the resources they need to revitalize their local economies,” Lightfoot said. “Thanks to partners like the IBT Group LLC and Mansueto Office, we will be able to make this goal a reality and transform vacant, deteriorating buildings into high-quality open workspaces for local Humboldt Park creatives and innovators. This is exactly the kind of public-private sector collaboration and development that our communities need to recover, grow and thrive.”
The Terminal in Humboldt Park is the latest project in a INVEST South/West corridor. The comprehensive program focuses planning and funding tools along targeted corridors that have historically served as focal points for pedestrian activity, retail, services, transportation, public spaces and quality-of-life amenities for local residents.
“The transformation of this empty vintage property into a state-of-the-art, open space work environment, is certain to inspire creativity and innovation on the west side,” said Andrea L. Zopp, president and CEO, World Business Chicago. “The Terminal is a great example of the type of transformative investment that can create jobs and opportunities for all Chicagoans.”
“While created nearly three years ago the thesis for the project is validated today as an environment where people can safely work in a campus-like setting, providing an accessible environment without the need for elevators and providing multiple outdoor spaces for work and relations,” said project developer, Gary Pachucki, IBT Group, LLC. “This project comes to realization only through the commitment of Ari Glass and Joe Mansueto who see the vision when so many others have not.”
