"We have two tenants in the buildings now," Paris says. One is Lou Silver, a partner in 4K Diversey and the owner of Studio 41 and ClimateGuard Windows, both neighborhood businesses headquartered nearby that now occupy about 70,000-square-feet for warehouse operations. In addition, a local food manufacturer occupies about 60,000-square-feet, also as a warehouse. "The food guys were there as an interim tenant for Macy's but they want to stay."

Preserving the Macy buildings has already had a wider economic impact on the neighborhood, Paris adds. By using this campus as their warehouse, for example, both tenants have freed up space in their other neighborhood buildings which can now handle additional manufacturing operations. "That's the story of the day."

The list of possible users for the rest of the space is long. "There have been a couple of health clubs sniffing around Logan Square," a gentrifying neighborhood just to the east, Paris says, "but they're not going to find any buildings large enough there." Furthermore, "we're also working on a self-storage opportunity for the building and we're talking to a big grocery store." He hopes the store will take up about 60,000-square-feet amongst a retail component that could take up as much as 100,000-square-feet.

The partners say they can accommodate users who need as little as 20,000-square-feet. Since 1928, the 21-acre campus has only had three owner-occupiers. First the Olson Rug Company, then Marshall Field & Company, and finally Macy's Inc., used it primarily for distribution. And Paris hopes that distributors getting pushed out of the West Loop will find its private truck courts and proximity to area expressways appealing.

But before any of that happens, the main building will require significant investment and the partners need a Planned Development zoning designation from the city, which requires it for significant institutional and campus-oriented projects, among others. The Chicago Plan Commission and the City Council Committee on Zoning will hold public hearings on the partners' plans prior to a vote by the full City Council. Paris expects to have the necessary designation by early summer.

Council members should be comforted by the new team's level of experience. Paul Fishbein, the third major partner, for example, was part of the acquisition, design and redevelopment of the former 2.5 million-square-foot Montgomery Ward campus at 600 W. Chicago Ave. He was responsible for leasing and marketing the project and helped fill the 1.6 million-square-foot technology center. The building was sold in 2007 for $300 million and in 2011 for $390 million.

Once they get their PD designation, Paris says, "we'll really be off to the races."