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IBT Group scores $30M for Southwest Side life-science hub

Jul 19, 2025

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IBT Group scores $30M for Southwest Side life-science hub


The City of Chicago has approved $30 million in tax increment financing (TIF) to support IBT Group’s ambitious redevelopment of a 6.5-acre site in McKinley Park’s historic Central Manufacturing District. The $186 million project centers around transforming a 575,000-square-foot warehouse at 1769 W. Pershing Road into a dynamic life sciences and mixed-use hub. Plans include 230,000 square feet of office and lab space, 172 residential units, 20% of which will be affordable housing, and a rooftop garden.

Additionally, a nearby structure will be replaced by a new 42,000-square-foot retail center and parking lot. This development aims to bring high-quality life sciences infrastructure to Chicago’s Southwest Side, offering a compelling alternative to areas like Fulton Market. Backed by a mix of public and private financing, including federal historic tax credits, developer equity, and C-PACE funding, the project is seen as a catalyst for neighborhood growth, though some remain cautious about speculative lab demand in today’s economic climate.

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