CHICAGO—The Chicago City Council has just approved plans to redevelop the giant Macy's warehouse and distribution campus on the city's northwest side into a mixed-use development. As reported in GlobeSt.com, Chicago-based 4K Diversey Partners, LLC acquired the 21-acre property at 4000 W. Diversey Ave. earlier this year for $10 million.
“This project will create over 1,000 new jobs in spaces comprised of a grocery store, high tech office space, 84 work/live units, industrial and warehouse space, self storage and a data center," says Alderman Ray Suarez. The property, a former distribution center for Marshall Field's, was vacated by Macy's in 2008 and will be known as The Fields. Construction will start in 2015."This project will become the anchor of growth for the entire Northwest side."
"By redeveloping the campus into a multi-tenant project, we envision a destination that supports office, manufacturing, warehouse and distribution jobs in Chicago," says Lou Silver, chief executive officer of Studio 41 and a partner of Aaron Paris and Paul Fishbein of Merit Partners, LLC who collectively make up 4K Diversey Partners LLC. Studio 41 already occupies space in the development.
''The Fields is in a great location only six miles from the Loop and 1.5 miles from I-94/I-90, making access to the metro area quick and easy,” says Fishbein. “The location has an abundant skilled workforce of approximately 500,000 persons within a three-mile radius of the property. The Metra's Milwaukee District/North Line Healy Station is only five blocks from the campus, and the CTA's Logan Square Blue Line subway station is just 1 mile away."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
