When Logistics Property Co. bought an 11-acre site near Goose Island, the firm decided to try something only previously seen in densely populated Asian cities and, in recent years, a few U.S. cities where land is scarce.
The Chicago-based developer built the first modern, multilevel warehouse on the site at 1237 W. Division St. on speculation, without leasing commitments.
The vertical design is designed to maximize the site along the Chicago River and Kennedy Expressway, which the developer believes is a key logistics location with proximity to the Loop business district and densely populated neighborhoods just north of downtown.
Launched in 2022 and completed in late 2024, it followed projects that in recent years have emerged in U.S. cities such as Seattle, San Francisco and New York.
The project was selected by a panel of industry professionals as the winner of a 2025 CoStar Impact Award for commercial development of the year in Chicago.
About the project: The 1.2 million-square-foot project includes five levels connected by a helical ramp, allowing cars and vans to access each level. A pedestrian bridge connects the main warehouse structure with a parking garage for additional car, van and truck parking.
Once it is leased, the project is expected to create 600 to 800 permanent jobs, according to the developer, which said it was completed on time and on budget.
A colorful mural by artist Teo Pirisi is visible from Metra trains and cars on the nearby Kennedy Expressway.
What the judges said: “1237 W. Division St. is my choice for Commercial Development of the Year for pioneering the first new speculative multi-story industrial development,” said Eric Turrin of North Park Ventures. “Such projects are prevalent in densely populated regions and areas with limited land availability, such as ports and global cities like Tokyo. Multi-story industrial developments offer significant benefits to communities by optimizing land use in urban environments, reducing the need for expansive industrial sprawl, fostering job creation within a compact footprint, and stimulating economic growth through enhanced logistics and improved consumer accessibility.”
They made it happen: The project was led by Logistics Property’s Aaron Martell, Ben Fish, Vince Pergande, Laura Stark, Casey Kenny and Dylan Plummer. Other firms involved in the project were the Walsh Group, Ware Malcomb, V3 Companies and DCI Engineers.