Ryan Companies and Allstate Partner on Chicago South Side Opportunity Zone Project
Ryan Companies US, Inc., and Allstate have entered into a joint venture to develop a 400,000-square-foot industrial warehouse/distribution center at Pullman Crossings, a 62-acre industrial park taking shape in Pullman and developed by Ryan Companies and Chicago Neighborhood Initiatives. The warehouse/distribution center is being built on vacant land that was once part of the former Ryerson Steel site, and the joint venture will invest over $30 million in the historic Pullman neighborhood on the city’s Far South Side. The development will be part of Allstate’s investment portfolio. The investment by Allstate, one of the country’s largest personal lines insurers, will be its first in a Chicago Opportunity Zone.
“It is exciting for Ryan Companies to partner with Allstate to invest in the economic development of the historic Pullman neighborhood,” said Curt Pascoe, director of real estate development at Ryan. “Our team is looking forward to the partnership and continuing the story of growth and rebirth in Pullman. By creating this Opportunity Zone, the city of Chicago has built a foundation for success.”
“As a company with deep Chicago-area roots, we were delighted to join with Ryan Companies to help revitalize a neighborhood in our hometown,” said Carrie DeWees, managing principal of real estate equity for Allstate. “We are proud to be part of this development and the community.”
Ryan announced the original plans for Pullman Crossings in 2017. Construction is well underway, with all walls erected and site work, curbs and utilities being finalized. The project is slated for completion in March 2020, and the business park is expected to create as many as 1,000 full-time and construction jobs. When fully constructed, Pullman Crossings will accommodate multiple industrial warehouse and distribution facilities totaling up to 1.2 million square feet and generate over $100 million of investment in the Pullman community and the city of Chicago.
“Allstate’s investment and the new speculative building will help us to continue to attract growing businesses and new jobs to the community, where in the last several years more than $400 million has been invested and 1,500 new jobs created by companies like Method Home Products, the Whole Foods Midwest Distribution Center, and Gotham Greens, which just brought 50 new jobs to the area when it opened its second greenhouse in Pullman earlier this month,” said 9th Ward Alderman Anthony Beale.
Pullman Crossings, at I-94 and 103rd Street, is on the largest undeveloped land site within 20 miles of the Chicago Central Area, which is accessible to an active workforce and multiple freeway interchanges. The Pullman area has gained considerable attention in the last five years for the many new business and community development initiatives there, as well as the historic preservation of the Pullman neighborhood, which was designated a national monument in 2015. The location is easily accessible by public transportation and accommodates toll-free access to and from I-80.
