Development
IBT Group a Finalist for Pershing Warehouse Redevelopment
Mar 1, 2023
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IBT Group a Finalist for Pershing Warehouse Redevelopment
On February 6, 2023, The Real Deal reported that Chicago’s Department of Planning and Development had selected three finalists to redesign a city‑owned warehouse at 1769 W. Pershing Road in McKinley Park’s historic Central Manufacturing District. The shortlisted contenders were IBT Group, LG Pershing Sound Studios, and Quartermaster Outpost Studio. Among them, IBT Group’s proposal envisioned converting the nearly 571,000 sq ft warehouse into 120 mixed‑income residential units, alongside 200,000 sq ft of commercial space (including labs, offices, and retail), and a separate 50,000 sq ft building on the adjacent 3.2‑acre parcel with about 132 parking spaces. Their plan carried an estimated price tag of $121 million.
LG Pershing Sound Studios offered a $95 million project featuring 114,000 sq ft of commercial offices, 13,500 sq ft of retail, and a 40,000 sq ft film studio plus development on the neighboring lot. Meanwhile, Quartermaster Outpost pitched a $90 million mixed‑use scheme with 425,000 sq ft of business space, a 75,000 sq ft film studio, and 40 housing units on an added top floor. City officials indicated they would solicit community feedback in February and aim to select a winning plan by summer 2023.
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