Cawley Commercial Real Estate is proud to announce that The Terminal Chicago has been selected as a finalist for the 2023 CRE Award for Redevelopment, Reuse, and Historic Project presented by REjournals. The recognition highlights the significant progress that has been made toward creating an urban campus for companies within Chicago’s Natural Science ecosystem, while also contributing to the revitalization of the Humboldt Park community.
The Terminal Chicago is a $70 million redevelopment project that has transformed three 100-year-old industrial buildings spread over six acres. The Pyle-National Co utilized these buildings as their headquarters and R&D in 1916, and for the next 80 years, they were credited with innovation and advancement of light technology. The Terminal’s vision, efforts, and investment are helping to revitalize these historic buildings into Chicago’s Urban Campus Environment for Growing Natural Science Companies.
“We are extremely grateful for the success we have achieved so far, with 40% of the campus leased, and the progress we have made towards creating an urban campus for companies within Chicago’s Natural Science ecosystem,” said Zach Pruitt, Principal, Managing Broker at Cawley Commercial Real Estate. “The recognition from organizations such as REjournals reinforces the positive impact that the redevelopment, reuse, and historic relevance of commercial real estate can have.”
The Terminal is not just the revitalization of multiple historic industrial buildings but also contributes to the revitalization of the Humboldt Park community. The ceremonial ribbon cutting by Mayor Lori Lightfoot in 2020 signified the importance of this vision, effort, and investment in helping the rails of revitalization for the Humboldt Park community.
“As Steve Jobs once said, ‘Innovation is taking two things that already exist and putting them together in a new way,'” said Pruitt. “We are proud to be part of this innovative redevelopment project that not only preserves the historic significance of the buildings but also creates a new space for Chicago’s growing natural science companies.”
The winners of the 2023 CRE Awards will be announced on June 1, 2023, at the Hyatt Regency Chicago. IBT Group, The Mansueto Office, ARCO/Murray, Ratio Design, Mauge, MacRostie Historic Advisors, Development Management Associates, and Cawley Commercial Real Estate look forward to the announcement and we congratulate all the finalists.