CHICAGO (CBS) — Plans have been announced for a 50-acre industrial park in the fast-changing Pullman neighborhood.

Pullman Crossings, a Ryan Companies Development, is being described as a state-of-the-art industrial park that will accommodate more than one million square feet.

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It will be next to the Whole Foods distribution center, which is currently under construction, located along the 700 block of E. 111th Street.

This area, which consists primarily of new industrial and retail development, has been transforming what has been a wasteland for years.

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Tom McMahon of the Historic Pullman Foundation says he sees good things happening for the neighborhood’s future.

“It puts it on par with the Washington Monument. This is all part of Chicago history.”

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The latest project, according to the developer, will create  1,000 jobs, both construction and permanent.