The $645,000 project will take 18 months to complete, although the first floor is expected to be ready for occupancy by Geokat Granite in six months. Construction financing is evenly split between equity from the company and a loan from Oak Brook Bank. In addition to that investment, however, the company has bought $1 million in new equipment.
The East Garfield Park property is expected to be rezoned from RS-3 to M1-2. Properties to the south and east are residential, according to Department of Planning and Development project manager Martin McCarthy.
Geokat Granite, which makes countertops, building facades and sidewalks, now operates out of leased space at 4535 W. Lexington St. The land sale of the property, owned by the city since a 1995 foreclosure sale, was recently endorsed by the community development commission.
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.
