2 Chicago-Area Megasites Pick Up $3.6M In Selective Statewide Investment Program
Illinois Gov. J.B. Pritzker has tapped two Chicago-area properties to receive funding through a new program intended to boost the number of large, investment-ready sites available for industrial expansion across the state.
Landmark Chicago Interest, a real estate development company, will get $2.2M from the Megasites Investment Program to help cover the cost of a $9.7M environmental remediation project on the southeast side of the city at the 439-acre former home of U.S. Steel, Chicago Business Journal reports.
Green Door Capital, a private equity firm, will receive $1.4M to put toward a $30M site consolidation project that features water and sewer work at a 279-acre site in Yorkville.
The developers are two of nine recipients of $23M in total grant money the Illinois Department of Commerce and Economic Opportunity doled out to projects across Illinois as part of the megasites program, which launched in February.
Developers can use the grants for a range of expenses, including roads, sewers, rehabbing existing structures and purchasing land, per the Chicago Business Journal. The state’s capital improvement plan, Rebuild Illinois, funds the program.
"Major job creators are always looking for investment-ready sites they can get up-and-running in a short amount of time — and we are proud to boast some of the largest such sites in the nation," Pritzker said in a press release.
The Megasites Investment Program is aimed at sites ready to accommodate sizable manufacturing, distribution and industrial centers, per the release. State officials estimate this grant round could generate $144M in total investments.
The state selected program recipients through an application process open to private entities, nonprofits and local governments, per the release. The DCEO plans to make more funds available to developers through the program at a later time. The program prioritizes underutilized property, including former industrial sites, brownfields and agricultural sites.
"The State is having a record-setting year for economic development and investing in megasites will help Illinois gain even more momentum for investment," DCEO Director Kristin Richards said in the release. "The thousands of acres of megasites across Illinois will encourage businesses to pursue investment-ready sites, spurring economic development throughout the state."
