April 15, 2019
NorthPoint Development’s 2.26-million-square-foot transportation, distribution and logistics (TDL) center on the Southeast Side will receive $52 million in tax increment financing (TIF) from the city. Tax benefits for NorthPoint’s redevelopment of the former Republic Steel site, which broke ground in February, were approved by the City Council last week.
The TIF assistance will help pay for infrastructure upgrades, environmental remediation, roadway improvements to nearby Burley Avenue and 122nd Street, and other eligible project costs through a redevelopment agreement with NorthPoint. The TIF will be provided upon completion of the project.
The project is planned to include six buildings ranging from 215,000 to 600,000 square feet, and accommodating up to 10 different tenants. It will complement Kansas City, MO-based NorthPoint’s adjacent, 155-acre supplier park serving Ford’s nearby Torrence Avenue assembly plant, thereby creating one of the largest industrial parks in Chicago.
Connect Chicago is coming up on May 14! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny