A Chicago developer will build two speculative industrial properties near O’Hare International Airport. On Wednesday, the Alter Group unveiled plans to develop a pair of industrial buildings with a combined 256,426 sq. ft. of space. The properties will be developed on a 31-acre site at Lake Center Corporate Park in Mt. Prospect, Il. The site is located northwest of Chicago near the airport corridor. Alter Group claims that the parcel is one of the last remaining large sites near O’Hare Airport.

According to Alter Group senior vice president Patrick Gallagher, each building is being developed on a speculative basis (meaning no tenants have committed to occupy any of the space). They will also be the first new industrial properties that Alter Group has developed in the Chicago area in years. Gallagher says that the Lake Center Corporate Park will be the first of many new Chicago area projects, however. Ground will be broken on both projects in May. Both will be completed by early 2008, according to the Alter Group.