Neighborhood News
Tadin to Purchase, Demolish, Develop Damen Silos
The MAT Limited Partnership, a collection of businesses owned by Southwest Side industrial magnate Michael Tadin Jr., has been selected by the State of Illinois as the winning bidder in the sale of the Damen Silos, a long-abandoned state-owned site on the South Branch of the Chicago River at South Damen Avenue.
The selection came after two rounds of bidding, with the MAT Limited Partnership submitting the highest bid at $6.52 million, more than twice the minimum bid of $3.25 million for the 23.4-acre property, Tadin said.
“We want to consolidate our businesses,” Tadin said, noting his intention to move corporate offices for MAT-affiliated firms to a new business campus on the site.
Corporate Offices
This will likely include the Marina Cartage offices, currently located in Planned Manufacturing District No. 8 in the Back of the Yards neighborhood, Tadin said.
In addition to this business, Tadin’s Southwest Side enterprises include the MAT Asphalt plant in the McKinley Park neighborhood, the Marina Crossings warehouse in the Back of the Yards neighborhood, currently leased to synthetic food producer Nature’s Fynd, and other companies.
No existing manufacturing or production activities are expected to move to the new site, Tadin said, and it would not directly affect the operations of his other local businesses.
A Decade On Sale
"The sale of the Damen Silos has eluded State government for nearly a decade,” said Anthony Pascente, acting director of the Illinois Department of Central Management Services (CMS), which is managing the sale of the site.
"The sale will generate economic opportunities, return the property to the real estate tax rolls, and save the State more than $325k of annual operating expenses,” Pascente said.
Tadin said that the silos will be demolished, and all aspects of the site will be remediated: a necessity given the property’s dilapidation and its sale on an “as is” basis.
Finished in 2026 or 2027
“There’s probably as much cost to get the site ready as there is to buy it,” Tadin said.
In a press release from the State of Illinois, the CMS stated its intent to enter into final negotiation with MAT Limited Partnership, then close on the sale before the end of this year.
Tadin estimated that the site would take at least one year to prepare and remediate, and then 1-1/2 years to build out. He imagined moving in sometime in 2026 or 2027, he said.
Next 30 Years
"The Damen Silos is an iconic piece of Chicago history,” Tadin said. “We are honored to play a role in transforming the property and generating economic activity that helps the community flourish.”
“For the next 30 years, I think it will be a nice office,” he said. “We’re looking to stay in the community long-term.”
Ed. Note: MAT Asphalt is a Sponsor of the McKinley Park News. For information about our operations and policies, see our About Us page and the Letter from the Editor "Building a Trustworthy News Business." For more about our coverage of MAT Asphalt, see the Letter from the Editor "Notes on Our Reporting about MAT Asphalt."
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