'The Terminal' Is The Latest In Chicago's INVEST South/West Initiative For Development On City's West Side.
CHICAGO (CBS) -- Chicago business leaders joined the city's mayor at a groundbreaking on Chicago's West Side that will "revitalize" the area with a project that promises to bring more jobs to the area.
Chicago Mayor Lori Lightfoot was joined by industry leaders for the ribbon cutting of The Terminal development in Chicago's West Humboldt Park area. Some of those included Department of Planning and Development (DPD) Commissioner Maurice Cox with Alderman Emma Mitts (37th Ward) and World Business Chicago will announce the development of The Terminal in Humboldt Park.
"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. "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 expansive, 100-year-old property at 1334 North Kostner Ave. will be converted "into an urban workspace campus for makers, creatives and innovators, designed to fit in with the existing character of the neighborhood." The project plans to build out the 250,000 square-foot space on 6.9 acres.
It's the latest project in an INVEST South/West corridor. Announced in October 2019, the program "has brought government, businesses, philanthropies and community leaders together to lay the foundation for the long-term revitalization of ten underinvested neighborhoods on Chicago's South and West Sides. "
"The Terminal is going to help change the landscape of the neighborhood, erase the emptiness of these vacant lots, and help transform the area," said Alderman Emma Mitts (37th Ward). The alderman added that her community welcomes the opportunity for investment.
"First, we dream. Then we design as strategy," Mitts said. "We were determined to succeed. I've worked hard in partnership with public officials. Together we have successfully revitalize several major commercial corridors, bringing jobs. fordable housing, education on educational and other resources to benefit, my constituents. When the dust settles on the ground, we are boldly optimistic. The 37th Ward won't be silent or stopped."
The mayor said it is a 100% privately funded project. The Terminal is three warehouses in West Humboldt Park. The buildings were once occupied by the Pyle-National Company beginning in 1916. That's where headlights and other lighting and electrical equipment for railroad use were manufactured. The developer IBT Group, LLC, plans a build-out of the 250,000 square-foot space on 6.9 acres. It's expected to cost over $50 million.
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