Knickpoint Ventures, owner of the sprawling 22-acre former Marshall Field’s warehouse complex on the Northwest Side, plans to create a film production campus on the site.
Chicago Tribune has reported that real estate developer Knickpoint, who has owned the property at 4000 W. Diversey Ave. since 2018, are in preliminary discussions with members of Mayor Lori Lightfoot’s administration.
Zain Koita, Knickpoint founder and managing partner, believes there is city support for the project and if all goes as planned, it could help expand film industry jobs at a time when the city faces a long economic recovery from the COVID-19 pandemic.
According to The Chicago Recovery Task Force Advisory Report
As reopening progresses, there will be exceptional demand for studio space with production resuming – even more so given the expectation that international travel will continue to be limited.
Film and TV production can quickly create a variety of jobs that benefit our communities – a mix of high-paying and low-skill jobs including catering, security, construction, and more. Illinois currently has close to 14,000 jobs in film production, with 53% going to women and minorities.
The property at Diversey and Pulaski Road, a series of interconnected brick structures once used by Olson Rug & Carpet, and later by Marshall Field’s, was sold to Knickpoint for almost $35 million in September 2018.
Parts of the property are undeveloped and include plans for a proposed 50-foot-tall building along Metra train tracks on the northwest edge.
That proposed structure is part of an amendment sought for the site’s planned development.
February 18 is set for a vote by the Chicago Plan Commission. The amendment would allow additional uses not included in the property’s zoning.
Reel Chicago will continue to post updates to this story as we receive further information.
