Chicago and Aeroterm LLC Reach Agreement for $200M Project at O’Hare
- May 16, 2012
The City of Chicago has reached an agreement with Aeroterm LLC to start construction of the Chicago O’Hare International Airport Northeast Cargo Center. Mayor Rahm Emanuel announced the development project, which will expand and enhance the efficiency of O’Hare’s airport cargo operations, as well as create around 1,200 construction jobs, 1,200 permanent on-site and 10,000 regional jobs related to the development.
The $200 million project will provide approximately $600 million in economic benefits to the airport over the life of the agreement, at no cost to Chicago taxpayers. Funding for the project will be ensured through a $130 million investment by Aeroterm and over $62 million of airport funds.
“The extensive progress we’ve been able to make on the O’Hare Modernization Program (OMP) has paved the way for this project to commence, with new, larger runways and taxiways that allow the airport to handle the larger, newest generation of B747-8 cargo planes,” said CDA Commissioner Rosemarie S. Andolino. “Because of our successful efforts, Chicago and O’Hare are able to better serve existing cargo carriers and attract new cargo service, which will boost Chicago’s position as an international air freight hub.”
The Northeast Cargo Center will be constructed in three phases on around 65 acres of undeveloped property on the northeast quadrant of O’Hare International Airport. Green planning, design and construction practices will be incorporated in all aspects of the development. The buildings are designed to achieve LEED certification and will feature green roof space.
A lease agreement between the city and Aeroterm will be submitted for approval to the city council in June.
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