CHICAGO, IL, January 27, 2021 – After approval at City Council on Wednesday, January 27, Realterm will kick off the development and construction process on the third phase of the Northeast Cargo Complex at Chicago’s O’Hare International Airport. Realterm is proud to be working with a diverse construction team led by BOWA Construction, and including their partners d’Escoto, Inc., and Clayco. With this construction team in place, this will be the first air cargo facility at O’Hare International Airport that will be led by an African American owned construction company, BOWA Construction.
“This project represents a significant investment into O’Hare, solidifying its central role in the global supply chain, as well as an opportunity to create an estimated 450 construction and operations jobs,” Greg Russell, Vice President of Development for Realterm said. “We’d like to thank Commissioner Rhee, Amber Ritter and the rest of the team at the Chicago Department of Aviation, Mayor Lightfoot, and the City Council for their confidence in Aeroterm to deliver this project. It is our intention for Phase III of the Northeast Cargo Complex to set new standards for diversity and inclusion on airport development projects in Chicago and across the country.”
Realterm’s estimated $56,000,000 Phase III project will build on the success of Phase I and II and deliver further cargo capacity at O’Hare International Airport, further cementing it as a leader in the global air cargo supply chain. Realterm expects to break ground on this exciting project in 1Q 2021, and is very grateful for the support of our partners on this project including BOWA Construction, d’Escoto, Inc., Clayco, Chico & Nunes, Nixon Peabody, Target Group, and Communities Empowered Through Construction, among many others.
Realterm is an independent global investment manager focused on the transportation industry. We acquire, develop, finance and manage differentiated real estate and infrastructure assets serving land, air, sea and rail networks in North America, Europe and Asia Pacific. Realterm currently manages over $11 billion in assets across five transportation logistics-oriented private equity fund series.