The landscape of Chicago's historic Pullman neighborhood is poised for significant change with the commencement of the final development phase at Pullman Crossings. This phase heralds the construction of a new 160,000-square-foot speculative industrial facility, part of a larger 50-acre industrial park initiative aiming to stimulate the South Side's economy. "The final phase of Pullman Crossings represents an exciting next step in the continued growth of the South Side," said Kyle Schott, vice president of real estate development at Ryan Companies, in a statement obtained by Urbanize Chicago.
Embarking on this endeavor are the Minneapolis-based Ryan Companies, along with joint venture partners Namdar Realty Group and Mason Asset Management. Together these entities have contributed to the area's redevelopment, which is backed by Chicago Neighborhood Initiatives (CNI). Despite no confirmed tenants yet for the newest installation, the project's previous success has bolstered confidence within Ryan Companies about future occupancies. Construction of the facility, at a location with quick access to major interstates, will enhance logistical connectivity for businesses. "We believe that by evaluating market dynamics and tenant demand ... that these last two phases will hit the market at the right time," Mark Koske, a Ryan Cos. development manager, told the Chicago Sun-Times.
The project promises a variety of amenities, such as outdoor eating areas and bike racks, and the building will feature a 32-foot clearance height in the warehouse, designed to cater to a wide array of industrial and manufacturing needs. David Doig, President of CNI, emphasized the project's community impact, stating, "This project exemplifies the power of collaboration between public and private sectors to drive inclusive economic growth." The investment in Class A industrial space adds to a supply-constrained submarket, seeking to allure various users, particularly those in the light manufacturing and distribution sectors.
Pullman Crossings rests within the larger Pullman Park, a 180-acre mixed-use development that has been spearheaded by CNI. In this context, the current undertaking stands as a continuation of a concerted effort to revitalize a historically significant area while bringing in jobs and fostering economic vitality. Since the project's inception in 2017, the Pullman Park area has seen over 685,000 square feet of new development and the creation of approximately 600 jobs. "Once we saw the initial success and the high-valued companies and tenants that desired to be in the area, we broadened that vision and continued to work at it alongside Ald. Beale," Koske expressed in his interview with the Chicago Sun-Times. If plans hold to schedule, the new facility is expected to be completed by August 2025.
