The Perot family’s real estate development firm plans to begin construction this week on a nearly 1 million-square-foot spec warehouse in Joliet, the largest such project underway in the Chicago area.
Hillwood said it is set to build a 992,640-square-foot facility on speculation, or without any leases signed, on an 85-acre site it recently bought near interstates 55 and 80. The building can be expanded to as much as 1.5 million total square feet.
Dallas-based Hillwood, led by Ross Perot Jr., is counting on continued strong demand for industrial space in the Chicago area after overall vacancy in the second quarter fell below 7 percent for the first time since 2001.