Southwest Side Alderman Derrick Curtis (18th) is planning a community meeting in August to discuss concerns about a proposed purchase of Ford City Mall by Bridge Industrial, a real estate investment company.
Bridge Industrial redevelops large properties for distribution warehouses and corporate business parks that house various tenants.
The company has developed supply-constrained (CORE) properties nationwide and specifically in Chicago suburbs including McCook and Schiller Park.Two such projects are now under development in nearby Bedford Park and Summit.
In real estate terms, constrained CORE investment properties are defined as properties with good locations that are 100 percent leased and have credit-worthy long-term renters.
They provide steady, reliable cash flow and require minimal management, meaning low risk. according to J.P. Morgan’s commercial real estate investment strategy website.
One of the Bridge’s developed properties, completed in 2013, is Frozen Assets Cold Storage, specializing in temperature controlled truck shipments locally and nationwide, located at 2635 S. Western Ave.
The company employs its own on-site drivers and works with their network of carriers as well. Local transportation can be provided “same day” with no or short notice.
On July 21, Curtis spoke with the Southwest News-Herald about the proposed development.
“The project is going along,” said Curtis. “Actually, we’re waiting on overhead and color renderings of the plans so we can present them to the community.”
What about the sale?
“No, it’s not complete. Namdar is still the owner of the property right now, as we speak.”
Curtis said once the purchase is a done deal, the next step will be going to the City Council’s Zoning Committee.
“Bridge is hoping to do that by August or September,” Curtis said.
“I think this is a really great opportunity for not only our community itself, but a great opportunity for the City of Chicago,” he said. “It’s also a great opportunity because we will be able to put the property back on the tax roll. Our community, city, surrounding suburban communities will all benefit.”
Curtis noted an important benefit to the 18th Ward will be increased home and property values after Ford City Mall’s transformation into a revenue-generating warehouse complex that provides permanent, long-term jobs.
Curtis said the new development would mean greater tax revenue for the city.
“It depends on what vendor or company comes in; what their plans are. They’ll probably pay more taxes if they’re coming in as a business. They have to pay their fair share as a business, as opposed to being the property owner.”
What about truck traffic?
“There is a study being conducted about this,” Curtis said. “Truck traffic will be coming out onto Cicero Avenue going northbound. It all depends on who the company will be that comes in. I don’t believe the traffic increase will be more than what’s at the Tootsie Roll company right next door.”
Is a warehouse project right for the Ford City site?
“Yes. There was a question about why Ford City couldn’t be torn down to make outdoor stores like in Evergreen Park’s Plaza,” Curtis said. “In actuality, statistics show that indoor retail has failed tremendously and stock in them went down. Since the pandemic, everyone shops online and transportation [of goods] is leading that effort. Everyone orders directly to the door now.”
Curtis said the only thing he would fight harder for are infrastructure resources around street upgrades and improvements.
“I saw this coming,” he said. “I knew this from seeing three intermodal facilities in local communities. We’re going to have to keep up with the infrastructure to support it. People complain about how long the trains are getting but if you really sit down, think about it and look at it, you might ask that person ‘When was the last time you made an order to Amazon?’ What’s happening is, the more people order now, the longer freight trains [delivering goods to trucks] are getting.”
Will Bridge be giving back to the community?
“Yes. We’ve already discussed it,” Curtis said. “They are not only willing to do things I may ask for community-wise but they partner with schools and other entities to give back to the places they affect.”
“I am excited about this well-needed project,” Curtis said. “It’s a win-win for the ward, the city and the suburbs adjacent to Chicago. I’m praying the community will stand behind me until the project is done so they can see the beautiful place Ford City has become.”
Drive a truck. The terminal is in Ford City. I also USE TO deliver to 2 businesses that moved away from 26th and Western because they could not get there deliveries, and there shipments out on time from the huge increase in the congestion from the refrigerated truck traffic blocking the streets. Frozen Assets is tiny compared to what’s being talked about for Ford City. Between Tootsie Roll, Key intermodal, Dart( sweetheart cup for you olditmers) , AAA Cooper, Lion match, traffic on 73rd backs up, already. Add another 90 doors to that and that will make a bad situation even worse. Oh and ask this alderman when is he going to repaint the lane markers at 73rd and Cicero. That’s part of the problem also even tho there is an ordinance against it you think an out of town trucker parked there waiting for his load, or got stuck there because he missed closing time because he was stuck in traffic is not going to idle especially when its 95 or 0 outside? And those buildings will be a long a residential area. Right now there is a buffer. The mall itself. Then those 4 tilt up warehouses are built there will be no buffer