The Chicago Fire Department was called to the newly-renovated building near Rockwell and Barry around 7:45 p.m. Monday.
Fire officials said the warehouse had recently been rehabbed and there were some offices in the building. No injuries have been reported.
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According to Ald. Deb Mell, the building was to become a type of culinary complex - housing food companies and retail - that was to provide an economic boon to the area. It's unclear how much of that project is now destroyed.
The cause of the fire remains under investigation.