CRG JV Breaks Ground on Chicago Project
New York Life Investments provided financing for the industrial development.
A joint venture of CRG, Related Midwest and 548 Development has commenced construction on The Cubes at Roosevelt & Kostner, a 364,102-square-foot industrial campus in Chicago’s North Lawndale neighborhood.
The ceremonial groundbreaking event took place in early 2023. Meanwhile, as the development plans evolved and changed, CRG joined in as the lead developer, adding extra capital, resources and expertise.
New York Life Investments provided financing, while other project partners included general contractor DSI, that works in partnership with GMA Construction Group, along with Lamar Johnson Collaborative and Ware Malcomb as designers. Colliers is the exclusive leasing agent.
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The two-building development will rise on a 21-acre site close to Interstate 290, at the southwestern corner of Roosevelt Road and Kostner Avenue. The first building is expected to come online in the third quarter of next year.
The project is part of the city’s efforts to revitalize the West Side area by transforming a vacant site into a logistics complex with community amenities. The Build Better Together economic development initiative supported the project with $8 million in tax increment financing assistance and the sale of the city-owned vacant site.
The Cubes at Roosevelt & Kostner will include two 182,051-square-foot facilities with 36-foot clear heights, 54 dock-high doors, four drive-in doors, 323 vehicle parking spots and 84 trailer parking spots. The industrial buildings will also have 3-megawatts rooftop solar panels expected to generate energy for 500 low-income homes within the city’s West Side, allowing residents access to clean energy at a 50 percent discount.
Additionally, the development will have a 3-acre green space with spaces for outdoor markets, pop-up shops and food trucks designed by Site Design Group. The campus will include a community amenity center in the form of two 5,000-square-foot spaces, dubbed as Innovation Centers, that will be donated to two nonprofits.
Colliers Vice Chairmen Matthew Stauber and Thomas Rodeno, Executive Vice President Patrick Turner and Transaction Manager Caroline Atout form the leasing team.
CRG’s industrial focus on Chicago
The development is part of CRG’s The Cubes brand, a national sustainable initiative in logistics facilities. In metro Chicago, the developer recently delivered The Cubes at ORD, a 66,552-square-foot building close to O’Hare International Airport, and started construction on The Cubes at Cicero, a 85,680-square-foot project in Franklin Park, Ill.
On the city’s Southeast Side, CRG has underway a 128-acre master-planned project set to transform the neighborhood into an innovation hub. The firm, in a joint venture with Related Midwest, is working on Illinois Quantum & Microelectronics Park, an advanced manufacturing and quantum computing campus anchored by PsiQuantum. The first phase of the high-tech campus is expected to come online in 2027.
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