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.
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.
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
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
– 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 email@example.com.