Construction has started for a distribution facility at 333 Howard Ave. in Des Plaines. Ald. Mark Walsten, representatives from FCL Builders Inc., Liberty Property Trust and others celebrated at a groundbreaking ceremony, Dailyherald.com reports.
Elk Grove-based Liberty Property Trust, a real estate investment trust, will develop the 236,000 sq. ft. project for $22.7 million on a 16-acre site. The firm paid $7.84 million to purchase the property near O’Hare International Airport from Alcon Lab in June.
The new facility will include 65 exterior docks and on-site parking for 389 cars or 51 trailers as well as additional parking spaces for 283 cars around the building perimeter.
Headquartered in Malvern, Pennsylvania, Liberty is currently tearing down a 60-year-old, 290,000 sq. ft. building which, according to officials, is “functionally obsolete” and has been vacant since Nov. 2013. Crain reports that the property’s huge parking space and its proximity to Interstate 90 attracted Liberty’s interest.
Liberty’s vice-president and city manager Don Schoenheider said the firm plans to court tenants working with O’Hare airport cargo and services.
To provide tax benefit, the city approved a Cook County Class 6b tax incentive in June to assess the property at lower levels over next 12 years.