Executive Briefings

O'Hare International to Get $200m Cargo Center

Chicago Mayor Rahm Emanuel announced that the city has reached a lease agreement with developer Aeroterm, launching construction of the Chicago O'Hare International Airport Northeast Cargo Center. The nearly $200m center, which will sit on approximately 65 acres of property, will be built in three separate phases.

The first phase will see the construction of a taxiway to connect the Northeast Cargo Center to the rest of O'Hare airport, as well as a facility with office and freight space. Additional facilities with freight and office capacity will be built during the second and third phases of construction.

The construction of the Northeast Cargo Center will also boost Chicago's economy. The project, which will be financed by a $130m investment by Aeroterm and more than $62m of airport funds, is expected to create 1,200 construction jobs, 1,200 permanent jobs and 10,000 regional jobs. The cargo center will also provide O'Hare airport with $600m in economic benefits over the span of the agreement at no burden to Chicago taxpayers, city officials said.

Read Full Article

The first phase will see the construction of a taxiway to connect the Northeast Cargo Center to the rest of O'Hare airport, as well as a facility with office and freight space. Additional facilities with freight and office capacity will be built during the second and third phases of construction.

The construction of the Northeast Cargo Center will also boost Chicago's economy. The project, which will be financed by a $130m investment by Aeroterm and more than $62m of airport funds, is expected to create 1,200 construction jobs, 1,200 permanent jobs and 10,000 regional jobs. The cargo center will also provide O'Hare airport with $600m in economic benefits over the span of the agreement at no burden to Chicago taxpayers, city officials said.

Read Full Article