“Published reports and media show multiple large industrial properties in Chicago’s McKinley Park neighborhood recently changing hands or being placed up for sale, including the iconic faux clock tower at South Damen Avenue and West Pershing Road.
“Joining the historic Central Manufacturing District tower are three warehouses of the Clock Tower Industrial Center at 1919 to 1965 W. Pershing Road, Chicago, and adjoining land, all for sale for $12 million, according to a commercial real estate listing from property owner and manager Imperial Realty Company.
“Although the property is currently zoned for manufacturing and is adjacent to a Planned Manufacturing District and related industry, including the Norfolk Southern Railways rail yard and the MAT Asphalt plant, its real estate listing presents the property as a ‘multi-family redevelopment opportunity.’
“The faux clock tower — a water tower heavily adorned with architectural elements of its period — is not protected from demolition or alteration, as it does not enjoy Chicago, state or federal landmark status.
“In 2020, Preservation Chicago named the Pershing Road section of the Central Manufacturing District, which includes the clock tower and warehouses, as one of Chicago’s most endangered historic places. In 2021, Preservation Chicago did the same for the Original East District.
“Historic Register – The entire Central Manufacturing district is on the National Register of Historic Places, which provides federal and state tax credits for historic redevelopment. The Clock Tower Industrial Center real estate listing also noted that the property resides within a TIF district and Enterprise Zone.
“This investment represents an exceptional opportunity to acquire an extremely well-located existing industrial-warehouse property with tremendous value-add and multi-family redevelopment potential,” the listing stated.” (McKinley Park News, Justin Kerr, 11/13/21)