Ciere Boatright, Commissioner | Chicago
Ciere Boatright, Commissioner | Chicago
Brookfield Properties is planning to build an industrial complex in New City, Chicago, which could benefit from a property tax incentive if approved by the City Council. The proposal for a Cook County Class 6(b) property tax incentive was introduced by Mayor Brandon Johnson.
The development, located at 47th Street and Western Boulevard, will involve four new industrial buildings with sizes ranging from 75,000 to 198,000 square feet. When all spaces are leased, the project is expected to provide about 25 full-time jobs per building.
If granted, the Class 6(b) incentive would result in an estimated $7.3 million in property tax savings over a period of 12 years for Brookfield Properties. This program aims to promote industrial growth and the redevelopment or repurposing of vacant sites.
The land was previously home to Wheatland Tube Co., which ceased operations there in 2024.
"The Class 6(b) incentive is intended to encourage industrial development, rehabilitation of existing buildings and repurposing of abandoned buildings."
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