According to Commissioner Alicia Berg, of the Chicago Department of Planning and Development. "Aramark Uniform Services will be an economic catalyst for the neighborhood by creating jobs and encouraging more development in the area."
Plans call for Aramark to consolidate two of its facilities in Chicago to the new site at Halsted and Exchange streets. Aramark chose the Chicago site over two other locations in Rockford, IL, and Racine, WI.
The City acquired the 12-acre Amphitheater site back in 1999, and demolished the building in early 2000. Aramark then acquired the property for $1 and was responsible for removing the old building foundations, at an estimated cost of $940,000. The company also paid for $500,000 worth of environmental remediation. In addition, Aramark received a Cook County Class 6(b) property tax incentive, designed to encourage industrial development by offering a reduced property tax assessment rate for manufacturing or industrial facilities.
A. Epstein & Sons is architect for the project. Walsh Construction is general contractor.
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.