Chicago & Midwest + South Side + Industrial | September 8, 2023

IBT Group to Redevelop Warehouse Into $121M Mixed-Use

The Chicago Department of Planning and Development has officially chosen local developer IBT Group LLC to redevelop a historic City-owned property in McKinley Park, including mixed-income housing, commercial offices and retail space. In addition to IBT, the development team also includes Epstein, APMonarch, dbHMS, Site, Englewood Construction, and ARCO/Murray.

The 6.5-acre site at 1717-69 W. Pershing Road will repurpose a vacant 571,000-square-foot warehouse known as the Quartermaster Depot, which was built in 1918 for the U.S. Army. The development site is valued at approximately $6.7 million, minus environmental remediation costs yet to be determined.

Rehabilitation work on the six-story structure will remove a center section of the building to create two partially detached structures with a shared interior courtyard. One structure will include 120 mixed-income apartments ranging from studios to three-bedroom units. The other will become a 200,445-square-foot innovative office hub and technology incubator. The eastern portion of the site will be redeveloped as a 50,000-square-foot grocery store.

Photo Credit: Epstein

Connect

Inside The Story

City of ChicagoIBT Group

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

Order Reprints