The new building will replace Brink's' existing facility at 24th Street and Indiana Avenue. Plans call for the project to be fully operational by January 2004.
Brink's will serve as an anchor tenant for California Avenue Business Center. The facility will be equipped with state-of-the art security and processing systems, and will employ about 275 people. The facility is also designed for expansion.
"The Department of Planning and Development is constantly looking for opportunities to stimulate economic development in Chicago neighborhoods," said DPD Commissioner Alicia Berg. The Department of Planning and Development supported the creation of the business center by spending $12 million to acquire and remediate the property before selling it to Centerpoint Properties for development.
California Business Center will eventually total 650,000 sf of manufacturing and distribution facilities. The business park will be developed in three phases and will accommodate customer space needs from 75,000 to 300,000 sf. Camins, Tomasz, Kritt is agent for the project.
Ald. Ed Smith of the city's 28th Ward went on to explain, "In addition, utilizing vacant land means less crime, less litter, and a better quality of life for all of us."
Founded in Chicago in 1859, Brink's is now a global business and security services company based in Richmond, VA. In May of this year, the firm's parent company changed its name from The Pittston Company to The Brink's Company. Brink's business units, with about 50,000 employees, generated revenues of $3.8 billion in 2002.
"With quick access to the highway and close proximity to our customers, this location suits us perfectly," said Bob Anderson, Regional Director, Brink's Inc.
California Avenue Business Center was developed with financial assistance from the Chicago Brownfields Initiative program, which links environmental restoration with economic development by cleaning up and redeveloping brownfields.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
