CHICAGO—In the past few years, Chicago-area developers have been building a historic amount of new industrial facilities, mostly outside the city boundaries. But the growing demand for space closer to the urban core is bringing change.

A joint venture between MAT Limited Partnership and institutional investors advised by J.P. Morgan Asset Management recently started work on Marina Crossings, Chicago's largest speculative industrial project since the 260-acre Central Manufacturing District broke ground on Pershing Rd. in 1905. The 35-acre Marina Crossings is in the McKinley Park/Stockyards area of Chicago, just blocks away from the historic CMD. The rail-served property will have more than 633,000 square feet and feature 32' clear ceilings, cross docking, precast construction, and ample expandable car and trailer parking. It's also a sign of things to come.

“Developers are definitely looking for developable sites in the city; more than I've seen in 20 years,” Larry Goldwasser, managing director, Cushman & Wakefield, tells GlobeSt.com. And the reasons for that are simple. “Companies want to be closer to the city's dense population,” whether to ease deliveries to individual customers or the many downtown businesses, especially hotels and restaurants. C&W was brought on board to handle leasing for the project, and “all types of businesses have already taken a look.”