A new joint venture has broken ground on a 250,000-square-foot warehouse in East Chicago. Maryland-based transportation asset management firm Realterm and Illinois-based real estate development firm The Missner Group say the $20 million project is part of an effort to develop multiple infill warehouse and distribution facilities in the greater Chicago region.
The new warehouse building will sit on more than 14 acres at 4400 Homerlee Avenue in East Chicago, less than a mile from I-90. The joint venture says the facility will have easy access to downtown Chicago and both Chicago airports, and its also adjacent to the CSX railroad for easy train access.
Karen Lauerman, president and chief executive officer of the Lake County Economic Alliance, says the groundbreaking stands for more than just a new building.
“It symbolizes the effort put into remediation and site preparation by the previous land owner, the vision of successful development with large scale investment by The Missner Group and Realterm, the commitment of Mayor Copeland, City Council and others to work together with our organization to attract this type of investment and job creation, and the numerous opportunities for companies to land or expand in East Chicago and Lake County, Indiana, Chicago’s true Eastern Suburb,” Lauerman said in a statement to Inside INdiana Business.
The joint venture did not provide an estimated time frame for completion.