Mayor Richard M. Daley today joined Near West Side residents and members of the business community in dedicating the national headquarters of CB2 -- a sister brand of Crate and Barrel -- in a re-developed department store building at 240 N. Ashland Av.
CB2 consolidated its headquarters and photo studios -- a total of about 60 jobs -- from locations in Northbrook and Chicago with the support of $3.4 million in City funding from the Kinzie Industrial Corridor Tax Increment Financing District (TIF).
“We've worked hard since I've been Mayor to transform our economy, to bring the jobs and businesses of the future to Chicago and to solidify Chicago's ability to compete nationally and globally,” Daley said at the ribbon-cutting.
“Especially in these difficult economic times, a decision such as the one CB2 has made sends an important message to all Chicago residents that our city is a vital place and that we are working hard to take the steps necessary to keep our economy moving,” he said.
Since the recession began, more than 100 businesses have expanded or located downtown and in the City’s neighborhoods, creating much needed jobs.
The CB2 headquarters and the Crate and Barrel and CB2 Catalogue and Internet Photo Studios occupy approximately 64,000 square feet of the 80,000 square- foot building, which formerly was the Cook Brothers Department Store and was vacant when it was acquired in 2008 by Peppercorn LLC, which leased it to Crate and barrel and CB2.
Daley said the dedication was a “homecoming,” because Crate and Barrel was founded in Chicago in 1962 by Gordon and Carole Segal.
Company officials say that almost all the CB2 headquarters and photo studio employees live within five miles of the office, take mass transportation or ride their bikes to work and patronize local businesses.
The offices and photo studios have received a United States Green Building Council’s Green Rating System, LEED for Commercial Interiors Silver achievement award. Environmentally friendly elements of the development include:
The Mayor said the company incurred significant costs to relocate in Chicago because its Northbrook facility had already been built out.
To help them locate in the City, the TIF assistance was provided.
Daley said TIFs are a major part of the City’s strategy to strengthen and create new opportunity in all the neighborhoods of Chicago.
Over more than 20 years, Chicago’s TIFs have played a huge role in helping with the costs associated with rehabilitation of existing buildings, land acquisition, site preparation and environmental remediation.
In return, the private sector has invested more than $8.4 billion in neighborhood development TIF projects -- $6 of private investment for every $1 of TIF funds invested.
“Making key investments in our neighborhoods -- from building new schools, fire stations and libraries to developing sites for new retail stores and preserving affordable housing -- makes for a more stable and secure community,” Daley said.
“This headquarters is a great example of what this type of investment creates and will serve as a catalyst to attract more business activity to the neighborhood,” he said.
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