|
Development
Real estate development in Chicago is a unique discipline. The business, civic, and political environment in Chicago combine to create the most development friendly city in the world. Chicago has always been, and will undoubtedly remain, about progress.
UIR has built our reputation by applying our experience, creativity and unique market knowledge, to the adaptive reuse of commercial and industrial property in Chicago.
Unlike many of our competitors, it is our belief that “opportunities to develop” rarely translate to “development opportunities”. In practice, this means UIR is very selective in pursuing opportunities for development. Once we identify a “development opportunity”, we focus on enhancing the value of the property. This process involves the application of creativity to the precise understanding, balance, and inter-relationship of finance, construction, marketing, and market conditions.
Current and Recent Development Projects of Urban Investment Research Corporation include:
 |
ProLogis Park Chicago • Chicago, Illinois
ProLogis, in cooperation with Urban Investment Research Corporation are please to introduce the newest business park in Chicago ------ ProLogis PARK CHICAGO. ProLogis, in cooperation with Urban Investment Research Corporation, recently purchased the 48.5 acre site at Damen Avenue north of the intersection with I-55. There will be up to 750,000 square feet available for build-to-suite and/or/inventory/speculative buildings. ProLogis PARK CHICAGO can accommodate any size user.
|
 |
Blue
Island and Wood
• Chicago, Illinois
Build to suite 12,000 SF
Sunbelt Rentals facility on
South Blue Island in Chicago.
|
 |
3200 S.Kedzie • Chicago, Illinois
Former Steel Factory
UIRC acquired an option to purchase this 210,000 SF former steel pickling factory in October 1996 with a lease with the Department of Streets and Sanitation for half of the building from a local developer that was unable to finance the acquisition of the property. The property had been closed for several years and had suffered severe deterioration and vandalism. UIRC has since leased the remaining 110,000 SF of the property to various industrial users.
|
 |
4532 S. Kolin Ave. • Chicago, Illinois
Former Kentile Flooring Building
UIRC acquired this 314,832 SF manufacturing building in the Crawford Industrial Park from a Colorado based Debtor-In-Procession that had been marketing this vacant property for more than two years. UIRC subsequently demolished the functionally obsolete space, with the remainder of the property being renovated. Upon completion of the demolition the building consists of approximately 248,000 SF which over 90% leased to various industrial companies who employee over 200 people.
|
 |
4801 S.Whipple Ave. • Chicago, Illinois
4801 Whipple Building
UIRC acquired this abandoned 88,000 SF manufacturing building in 2003. UIRC has since demolished approximately 20,000 SF of the original structure and is converting the remaining portion of the building to a 70,000 SF multi-tenanted industrial building. The subject property is now leased to a Chicago based company employing more than 20 people.
|
 |
2901 W. 36th Place • Chicago, Illinois
Former Papergroup Building
The former building known as Papergroup, located at 2901 W. 36th Place rests upon a land parcel that contains approximately 177,000SF and has been abandoned for over 5 years. UIR plans to turn this building into a multi-tenant facility that will in turn reutilize the industrial space. Complete, this building will be modern in function, and suitable for high value use.
The proposed renovations for the building consist of the demolition of approximately 50,000 SF of building on the west end. This will allow for modern parking and staging ratios. Once the demolition is done, one new end wall will be constructed to enclose the building. This end wall will be complete with new dock wells and dock doors. Up to four tenants will be able to occupy the renovated space.
|
 |
2635 S. Western Ave. • Chicago, Illinois
Frozen Assets LLC.
UIRC with Frozen Assets L.L.C., acquired 49,600 SF building on March 10, 2004. Frozen Assets, L.L.C. has leased 166,225 SF to Frozen Assets Cold Storage, Inc. a newly formed Freezer and Cold Storage Company, and is negotiating leases for the remainder to Food Processing Companies. This building was built in 1967 and has 28 foot ceiling heights, 36 truck docks, parking for semi-trailers at each dock, and Burlington Northern Santa Fe rail service along the entire north side of the building. The 166,225 SF are currently being converted to a State of the Art Freezer and Cold Storage Facility. This facility was only 60% occupied upon acquisition and is expected to be fully occupied by winter of 2005, with more than two hundred employees.
|
 |
16th & Union • Chicago, Illinois
Two Acres of Vacant Land
This land parcel located in the rapidly appreciating area of North Pilsen was acquired in 2001. UIRC is currently negotiating with residential developers for the future development of the property.
|
 |
4201 W. 36th Place • Chicago, Illinois
UIR Campus & Tower
This was an abandoned facility that UIRC turned into a research, production, and distribution center that consists of two parcels adjacent to the Stevenson Expressway and Pulaski Road on the southwest side of Chicago. A 9.60-acre parcel on the south side of 36th Street consists of 18 buildings of various sizes, shapes, and construction totaling 154,633SF. A 5.15 –acre vacant land parcel on the north side of 36th Street is leased to CMI/Steel Wheel Transfer. UIRC acquired this vacant facility in 1998 and constructed a 44,000 SF and 13,500 SF warehouse/distribution facilities. Today this facility employs over 200 people. Currently UIRC is under development on a 44,000 SF sister facility for CMI/Steel Wheel Transfer.
|
 |
418 Douglas St. • Hammond, Indiana
Social Security Administration Facility
This facility was acquired less than one year after the Social Security administration took possession of the property under a twenty-year lease. UIRC acquired the property at an 11% capitalization of the projected income, reduced the property's operating expenses, and increased its value to over $2.1 Million.
|
|
|
