Sunday, March 10, 2019 || By Igor Studenkov || @maywoodnews
Featured image: A large lot at 110 N. 25th Ave., part of which could be an industrial park. | Google Earth
The Village of Bellwood is working to bring an approximately 320,000-square-foot industrial park to the Bellwood portion of a large industrial lot located at 110 N. 25th Ave. The property spans both Bellwood and Melrose Park.
Bellwood Mayor Andre Harvey and Peter Tsiolis, the village’s community development director, declined to give many details, citing the delicate and complex nature of the negotiations with Duke Realty, a real estate investment trust company based in Indianapolis.
During a meeting in February, the village board approved a tax incentive package for the company and an intergovernmental agreement with Melrose Park for the use of “certain utility services.” The tax incentives will come from the North TIF district, which was created in 2014.
Tsiolis declined to give an exact dollar amount connected to the tax incentive, but said that it was small and that the developer won’t get any funds upfront.
The land in question is located at the northeastern end of Bellwood, south of Metra Union Pacific West tracks. Duke Realty is an industrial developer that also handles leasing and property management.
According to its website, Duke Realty owns a total of 12 business parks in the Chicago area, including the Northlake Distribution Park.
Harvey and Tsiolis said that if the negotiations don’t work out, they do have some other potential developers in mind.
The mayor added that he expects new job opportunities to come from the development once it’s completed. VFP
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