Opportunity Zone Project

Pullman Park: Stand-Alone Fast Casual Restaurant

Chicago, IL

Project Summary

Development Ready



Chicago Neighborhood Initiatives (https://www.cnigroup.org/) is seeking financing for the acquisition and ground-up construction of a stand-alone fast casual restaurant on a 1-acre site in Pullman Park.  A Culver's franchisee with a successful track record operating franchises in the greater Chicago area intends to operate a Culver's restaurant within the improvement.  Pullman Park is a retail, industrial and recreational development on Chicago's far south side.



The 1-acre site is remediated and prepped for vertical construction.  It is situated adjacent to a Potbelly's-anchored neighborhood retail center, and located 1-block from the 111th Street exits of of I-90/94. 



Site remediation and infrastructure is nearly complete; capping will occur upon vertical construction.  A construction firm has been identified to complete vertical construction, utility connections, signage, parking lot, and drive-thru construction; to commence in Summer 2020.  TI including FF&E, supplies and POS system installation to commence in Fall 2020.  Delivery expected late Winter / early Spring 2021.  12% financing committed to the project to date; CNI seeking an OZ investment of up to $2.5M.



Pullman Park is the gateway to the Pullman National Monument (PNM) which is expected to attract 300,000 visitors per year following the opening and stabilization of the PNM Visitor's Center.  Pullman Park is home to the Pullman Community Center, the designated midwestern headquarters for Amateur Athletic Union Sports; a Walmart Super Center; Method's U.S. factory; Whole Food's midwestern distribution center; and 2 indoor hydroponic farming facilities operated by Gotham Greens.  A last mile distribution center for Amazon is currently under development at the northern end of the site, scheduled for delivery in Fall 2020.

Project Data


CityChicago
StateIllinois

Opportunity Zone Census Tract Number17031838800
Date updatedMay 11, 2020 (7 months ago)

Contact Information

No contact information available

Photos

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