A $5.2 million speculative industrial building will be developed in New City through a City-owned land sale approved today by City Council.

The 40,000 square-foot complex will be built on 2.3 acres of vacant land on the northeast corner of 41st and Halsted streets. The City acquired the parcel in 2003 through a condemnation process. Valued at $692,000, it will be sold for $342,000 to the developer, 41 Venture LLC, with the remaining $350,000 placed in escrow to cover potential environmental remediation costs.

Designed to house manufacturing and warehouse space, the new building will feature 24-foot ceiling heights, six dock doors, two drive-in doors, and a 34-car parking lot. As a speculative industrial project, the building is expected to generate 55 temporary and 15 permanent jobs for up to two tenants.

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