Demand should be strong for million-square-foot building, development official says
August 14, 2012 10:26AM
Updated: September 18, 2012 6:06AM
JOLIET — There will be demand for a 1 million-square-foot industrial building under construction in Joliet, the chief executive of the Will County Center for Economic Development said.
Clarius Partners has begun construction of the building in a new industrial park on the south end of Joliet.
John Greuling, chief executive of the Will County CED, called the project a “smart move,” adding, “We’ve got some big users looking for space now.”
Home Depot is in the process of building a 1.6 million-square-foot distribution center at CenterPoint Intermodal Center-Joliet.
That building, slated to open in summer 2013, is going next to a 657,000-square-foot distribution center that Home Depot opened in January.
The Clarius building is a speculative project, meaning the company will look for tenants as it builds.
Greuling said Clarius should find prospective users because companies in the past three years have taken up the big spaces that were available before the recession started.
“Most of the large blocks of space have been absorbed,” he said.
Another big speculative project under way, he said, is a 600,000-square-foot building being developed by Ryan Companies in Boldt Park in Romeoville.
The new Joliet building is part of the 185-acre Clarius Park Joliet development located along Youngs Road near Interstate 55.
Clarius is promoting access to both I-55 and I-80 as well as the business park’s proximity to the BNSF and Union Pacific intermodal yards in Joliet and Elwood, respectively.
“This location should really be renamed the Port of the Midwest,” Kevin Matzke, managing principal of Clarius Partners, said in a written announcement of the project earlier this month.
Clarius, which has an office in Chicago, described the Joliet project as a $70 million development, which will include nearly 2.5 million square feet of industrial space when fully built.
The company said three remaining lots in Clarius Park Joliet can hold buildings ranging from 200,000 to 1 million square feet. The remaining sites will be marketed as build-to-suit facilities for specific users.