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Land Price Slashed for Industrial Pioneer

CHICAGO-The $4.4-million project, the first new development in the West Pullman Industrial Park in nearly 40 years, is a go after the city reduces the price of six acres at 1321 W. 119th St., recently appraised at $522,720, from $261,360 to $1.

By Mark Ruda | Updated on July 13, 2005

CHICAGO-A relocation by a Toronto-based plumbing supplies manufacturer and distributor to the West Pullman Industrial Park is back on with the city agreeing to sell a six-acre site, appraised at $522,720, for $1. The city and MIFAB, Inc. had agreed to a $261,360 sales price, but the lender for the $4.4-million project balked at financing the first industrial development in the park in 40 years, according to the department of planning and development.

Pullman Huron Investments, Inc., an entity formed by MIFAB, Inc., will build a 60,000-sf warehouse at 1321 W. 119th St. with 35-foot clear ceiling heights as well as 5,600 sf of office space. In later phases, the building can be expanded to 80,000 sf, and ultimately, 100,000 sf, says company president and owner Michael Whiteside.

“This is a project I’m committed to for our future expansion,” says Whiteside, who already considered other sites in the Midwest for his company, which does 95% of its business in the US. “Unfortunately, it doesn’t make sense financially unless we get it at the negotiated price…This is the only way I can make it happen.”

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