A Rosemont-based real estate company is seeking city of Des Plaines approvals for property tax incentives that would lead to the construction of two large industrial buildings on the 1600 block of Touhy Avenue. The new buildings would replace smaller aging structures, one of which is a distribution center for the Hu-Friedy Group, a dental product provider which is located at 1666 E. Touhy. Hu-Friedy, said the city, will cease operations on Jan. 31, 2027.
Plans for the two large parcels call for the demolition of two existing industrial buildings and the construction of a 252,929 sq. ft. building at 1666 E. Touhy at a price tag of about $21 million. Once the construction project is completed, Midwest RE Acquisitions, LLC will market the property to prospective tenants.
The second parcel, at 1600 E. Touhy will become home to a 206,827 sq. ft. industrial building. Improvement costs for the property will total approximately $24 million. Midwest RE will also market the property to future tenants.
The 6b tax incentives sought by Midwest RE will save the property owners millions of dollars over its 12 year lifetimes. Once the property is improved, it will generate more real estate tax income than is now the case. That revenue will go to various local governments such as the city, schools and park district.
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