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. The overall objective was to prepare the site for a complete renovation for mixed office use and light manufacturing space.

Solutions:
Tenant: A local manufacturer leased portions of the building for storage and 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 will be 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 is reviewing the option of installing more truck docks along the building’s north wall. The vacated alley will permit truck access.

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.

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

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 sheet. For more information, please e-mail us at pgoodman@kggp.com.