Ryan Companies US, Inc. has formed a joint venture with Washington Capital Management Inc.. and announced the financial land closing and groundbreaking of a 170,000-square-foot speculative industrial facility at Pullman Crossings in Chicago.
Pullman Crossings is a 50+ acre industrial park that is part of Pullman Park, a 180-acre, mixed-use development being developed by Chicago Neighborhood Initiatives (CNI). This project marks Ryan’s third phase of Pullman Crossings with the fourth and final phase expected to kick off later this year.
“In an area where building speculative industrial was unheard of, we envisioned a revival of seemingly undevelopable land,” said Kyle Schott, vice president of real estate development for Ryan Companies, in a statement. “We looked beyond the challenges and invested in the promise of Chicago’s South Side. By betting on ourselves and the community, we’ve resurrected the site’s former glory.”
The 10-acre site, located in Chicago’s historic Pullman neighborhood at 103rd Street and South Woodlawn Avenue, is just minutes away from major interstates including the Bishop Ford Expressway, Highway 20 and Interstate 57. The building will include desirable amenities such as outdoor eating areas, exterior bike racks, ESFR fire protection, and a 32-foot clearance height in the warehouse. The flexible design will accommodate a wide range of uses including warehousing and distribution, light manufacturing and several other light industrial uses, as well as provide new Class A space to a supply-constrained submarket.
“Breaking ground on this new 170,000-square-foot industrial facility is another important milestone for Pullman Crossings because it will create dozens of jobs and catalyze additional opportunities that will build a stronger community and a bright future for the Lake Calumet region,” said David Doig, president of CNI, in a statement.
Ryan is developing and building the facility. Bankers Trust Company is providing the construction financing for the project. The third phase of Pullman Crossings is expected to be completed by Q1 2025.
Dating back to 2017, Ryan developed and built three industrial facilities totaling 685,000 square feet at Pullman Crossings which includes the Whole Foods Midwest Distribution Center, a SC Johnson warehouse, and an Amazon last mile distribution center. This industrial park has created approximately 600 jobs to date and has transformed what was previously one of the largest undeveloped sites in Chicago.
