About Kingfisher Services Clients Current Projects Resources Contact Us
Lynwood Plaza
Green Lake Development
South Suburban Tax Reactivation Project (SSTRP)
 
 
 
 
 
 

 

Project: Green Lake Development

Location: 4300 West Lake Street, Chicago, Illinois.
Located in the West Garfield Park neighborhood of Chicago. The property is the former Sloan Valve Company factory. The Sloan Valve Company is the world’s leading manufacturer of water-conserving plumbing systems and has been in operation since 1906. The company is currently headquartered in Franklin Park, Illinois, but occupied the building at 4300 West Lake for approximately 50 years from 1920 to 1970.

Challenge: Since 1970, the 130,000 SF building had gone through periods of substantial decline and disrepair. Kingfisher acquired the building in 2004 to resolve the environmental challenges, gut the building of all obsolete systems and repair the roof.

Solutions:
Tenant: One tenant, a catering operation, occupies approximately 10,000 square feet of fully improved space. The remaining areas have been leased to distributors on short term bases to provide supplemental cash flow.

Administration: Because the property met a number of eligibility criteria, Kingfisher was able to secure a Class 6 (b) Cook County Tax Incentive. Upon redevelopment the property will receive a 16% assessment level for the first 10 years, 23% in year 11 and 30% in year 12, before returning to the full assessment level of 36% in year 13.

Alley Vacation: Kingfisher applied to the Chicago Department of Transportation to vacate the alley that separates the building from the vacant lot. The alley was conveyed by the City of Chicago for free. Subject to City service providers and utility board review, the Chicago Street and Alley Vacation Program assists users who need the vacated right-of-ways for plant expansion and modernization, employee parking, improved security, truck staging or other accessory uses that are likely to improve the operations. In this case, Kingfisher wanted to vacate the alley to improve security, provide more parking and truck staging space. Also, Kingfisher installed more truck docks along the building’s north wall.

Environmental: A Phase II Subsurface Investigation indicated that there were isolated ‘hotspots’ located near the north wall. These were remediated along with four (4) Underground Storage Tanks (UST’s) located inside the building that were cleaned out and abandoned-in-place per IEPA regulations. The site was enrolled into the Illinois EPA Site Remediation Program and a ‘No Further Remediation’ letter was issued. In addition, asbestos-containing materials (ACM’s) and peeling lead paint throughout the building was removed.

Design & Demolition: An interior demolition project gutted the building. A central, unusable 20,000 square foot structure was demolished, transforming the building into two buildings separated by a vacant lot, 4300 W. Lake and 4348 W. Lake.

Roofing: A complete tear-off and replacement of roof coverings, insulation and repairing of wood decking was performed.

Property Highlights:
– Five miles west of Chicago Loop. Convenient to I-290, public transportation and rail.
– Zoned Manufacturing, M1-2.
– Approximately 110,000 square feet of manufacturing / warehouse / distribution facilities / office space.
– Floor to floor height: 10’ – 16’
– Parking for approximately 140 cars
– Located in Northwest Industrial TIF district
– Located in Empowerment Zone and Enterprise Community

Download the complete project specification sheets for 4300 W. Lake and 4348 W. Lake. For more information, please e-mail us at pgoodman@kggp.com.


 
Kingfisher Group
180 North Stetson Ave., Suite 3240
Chicago, Illinois 60601
tel 312-777-0038
fax 866-421-3064
email pgoodman@kggp.com