Bridge's Bridge Point 290 Phase I Honored with 2018 NAIOP Chicago Award for Excellence
NAIOP Chicago Recognizes First Building of Bridge’s Cicero Business Park as Industrial Speculative Development of the Year
Bridge Development Partners, LLC has been recognized by NAIOP Chicago as a winner of the 2018 Awards for Excellence for the first building in the Bridge Point 290 Business Park project in Cicero, IL. As part of this year’s awards program, NAIOP honored Bridge in the category of Industrial Speculative Development of the Year specifically for the success of Building 1 of Bridge Point 290.
Building 1 alone is bringing 250 jobs and $600,000 annually in tax revenue to Cicero, a figure up ten times from what it was previously. Buildings 2 and 3 of Bridge Point 290 are projected to increase revenue by four to five times, and the entire site will bring thousands of new employees to work in the area. In total, the project is a three-building business park comprising more than 899,000 square feet, complete with 36-foot ceilings and above-standard parking areas. The site is located less than seven miles from Chicago’s Central Business District and lies just south of Roosevelt Road between Central Avenue and Laramie Avenue.
Bridge sold the complex to Cabot Properties in the third quarter of 2018, in a transaction that offered the buyer a unique opportunity to acquire a large infill Class A business park that had existing value, as well as an opportunity to add value through leasing to-be-constructed buildings.
“This recognition from NAIOP and from our peers—many of which are driving the most innovative projects in the region—is a valuable affirmation of the vision behind Bridge Point 290,” said Steve Groetsema, Partner, Midwest Region, Bridge Development Partners. “Upon the completion of the project, Bridge Point 290 will bring thousands of new employees to work in the region, as well as additional tax revenue that will benefit the Cicero community at large.”
The announcement marks Bridge’s second consecutive win in this category of the Awards for Excellence. Last year’s recognition went to Bridge Point North I, a $51-million project totaling 626,848 square feet which was fully leased to Amazon in December 2016 on a long term lease.
The awards were presented at NAIOP Chicago’s 31st Annual Awards for Excellence Ceremony, where more than 71 finalists were cited for their accomplishments and winners were named in 13 categories, selected by industry peers during a live vote at the event. Notably, Bridge President Anthony Pricco is a past NAIOP President and currently sits on the organization’s board, and Bridge’s Midwest Region Partner, Steve Groetsema, is currently on the Chicago Chapter’s Board of Directors. Approximately 60 percent of current Bridge employees are active within NAIOP.