The Terminal will be a campus for "markers, creatives and innovators," Mayor Lori Lightfoot's office said.
The project is being developed on an expansive 100-year-old property on Kostner Avenue.
"As our City continues to respond to the economic impact of COVID-19, we must ensure that our communities-especially those that have been historically under-invested-have the resources they need to revitalize their local economies," said Mayor Lightfoot. "Thanks to partners like the IBT Group LLC and Mansueto Office, we will be able to make this goal a reality and transform vacant, deteriorating buildings into high-quality open workspaces for local Humboldt Park creatives and innovators. This is exactly the kind of public-private sector collaboration and development that our communities need to recover, grow and thrive."
As part of the project, developer IBT Group, LLC plans to build a 250,000 square foot space on 6.9 acres.
The project is an INVEST/South/West corridor. The INVEST South/West project was announced in October 2019 to help for the long-term revitalization of ten underinvested neighborhoods on the South and West sides.