From left to right: Developer Gary Pachucki, CEO of World Business Chicago Andrea Zapp, Chicago Mayor Lori Lightfoot, Alderwoman Emma Mitts, Alderman Walter Burnett, Commissioner Maurice Cox and The Mansueto Office Founder Joe Mansueto.
On November 9, 2020, Chicago’s Mayor Lori Lightfoot helped ARCO/Murray kickoff phase one construction of The Loft Innovation Terminal in the city’s Humboldt Park neighborhood. She was joined onsite for a ribbon-cutting by several influential local officials and community leaders including Department of Planning and Development Commissioner Maurice Cox, Alderwoman Emma Mitts and CEO of World Business Chicago Andrea Zapp.*
The Terminal is set to become Chicago’s workplace for makers, creators and innovators. It sits on 6.5 acres and spans across three century-old industrial buildings once owned by railroad light manufacturer Pyle National Company. The complex will feature a collection of innovative workspaces with high ceilings, wide windows, and seamlessly integrated outdoor areas for an accessible, mixed-use ecosystem designed to fit with the existing character of the neighborhood.
Lightfoot spoke on the importance of revitalizing this 250,000 SF space as part of her INVEST South/West initiative, which focuses on long-term economic development in 10 underserved communities on the city’s south and west sides. At the event, the Mayor stated:
“The Terminal truly captures the power of public-private partnership which is integral to our program INVEST South/West and the ongoing efforts to enhance the economic vibrancy of neighborhoods all over our city…[It] serves as an exciting next step to unlocking the potential of our great west side, generating jobs and creating opportunities for our residents during this unprecedented time.”
The project is privately funded by Morningstar founder Joe Mansueto and his investment firm The Mansueto Office. Chicago-based IBT Group is the developer on the project. When completed, The Terminal is expected to bring over 200 jobs to the area. As construction kicks off, the team has had success leveraging local subcontractors for the masonry and roofing work.
ARCO/Murray, the design-builder on this multi-phase adaptive reuse project, will be preserving the building’s historic significance while restoring everything from the masonry to the roof, floors, ceilings, and windows. Energy efficient lighting and plumbing will be added as well as new MEP systems and HVAC filtration for a clean, modern office experience. The first phase of construction will focus on all the structural work to get the buildings usable and safe for future tenants. It will also include a buildout of the lobby, common corridors, restrooms and mechanical work and finish around May 2021.
Ross Allen, Principal on the Tenant Solutions team, represented ARCO/Murray at the ribbon-cutting ceremony. The event was covered by The Chicago Tribune, WLS, CBS, ABC, World Business Organization, The Business Journal, Crain’s Chicago Business and many more. The Chicago Mayor’s Office live streamed the event on their social channels further commenting on the importance of this project for stimulating economic growth and revitalization on the city’s west side.
*Please note: The event was in accordance with current local COVID-19 safety protocols and precautions with a limited guest capacity and socially distant seating. Temperature checks and masks were mandatory to ensure the health and safety of all those in attendance.