Tax incentives provide public private partnership and win-win for all parties
Logistics Property Company, LLC (LPC), a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets, today announces the acquisition of 102 acres of land in Country Club Hills, Ill. Located at the convergence of I-57 and I-80, the project provides excellent access to two highly trafficked thoroughfares serving Chicago and the Midwest.
The industrial development site is one of the largest undeveloped contiguous properties in Cook County. The rare parcel size is further enhanced by its proximity to downtown Chicago, which is just under 25 miles away. Additionally, it is only 5 miles to Canadian National’s (CN) Chicago Intermodal, located in Harvey, Ill., and offers benefits from many surrounding amenities.
“LogiPark 57-80 is a great partnership with Country Club Hills,” said Aaron Martell, LPC’s Executive Vice President – Midwest Region. “The economic incentives are going to really accelerate the lease up and, in turn, job creation. It’s a win-win for LPC and Country Club Hills.”
Significant financial incentives offered through a public private partnership include Tax Increment Financing (TIF), Class 8 designation, and Opportunity Zone classification. The $29 million TIF includes a sharing arrangement with the City of Country Club Hills and will be used to attract high paying logistics jobs to the area.
“My commitment to economic development has always been top priority,” said James Ford, Mayor, Country Club Hills, Ill. “I’m grateful to Logistics Properties Company for the vision in which we share for this development in Country Club Hills.”
“Given the diversity of how local economic development is often defined, this new project will have an enormous impact on our region,” Mayor Ford added. “Country Club Hills remains primed, energized and ready to take on this new frontier of the Southland Region.”
The project, which has been named LogiPark 57-80, is the latest logistics park in LPC’s growing portfolio across North America. Upon full buildout the project will be 1.4 million square feet across four buildings. Construction is expected to commence in the Spring of 2019.
“LPC’s platform will bring success to a parcel that has been vacant for over a decade,” said Irv Gilner. “This project will offer Class A industrial to Country Club Hills and foster continued growth and development in the market.”
LPC anticipates closing on additional properties in the Midwest, Pennsylvania, Georgia, Texas and Washington as part of a development pipeline exceeding 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Chicago, Dallas, Houston and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Seattle, Philadelphia and Miami.
Chief Marketing Officer, Logistics Property Co.
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