The park represents the latest evolution in industrial development for the automotive industry, says Jim Padilla, VP global manufacturing at Ford. "This project [will]…address competing trends toward globalization and local demands for more flexibility to meet customer needs." Locating suppliers right next to the Torrance Avenue plant will increase the operation's efficiency, he said.
"We are highly optimistic that our negotiations with Ford Land will be successful," says Ronda Mork, VP external affairs at CenterPoint Properties, which is also in the midst of a $1-billion redevelopment of the Joliet Arsenal site southwest of Chicago. "We are in the process of finalizing lease agreements with Ford suppliers and with the City of Chicago on TIF financing."
More than $400 million of investments over the next several years will come from Ford, its suppliers and CenterPoint, according to Ford. This includes more than $80 million by Ford Land and CenterPoint for the development of the supplier park.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.