Building a foundation for the next century, General Iron is excited about our strategic partnership that will transition the metal shredding and recycling facility to a new location along the Calumet River in Chicago. Together with Reserve Management Group, the transition is on track to be completed in 2020.
The new facility will feature a European-style enclosed shredder, using state of the art technology on a 175-acre, well-buffered site that is approximately seven times larger than our current location. The partnership is planning to invest $65-$70 million in building the new facility, and is working with engineers and architects to prepare site development and construction plans.
The plans incorporate a commitment to serve as a model for the mission of the Green Economic Industrial Corridor (GEIC), which seeks to revitalize the Calumet Region with jobs and business opportunities. The GEIC mission also seeks to improve the environmental health and safety of the region and showcase sustainable development.
Upon completion, the partnership will vacate the current location along the North Branch of the Chicago River. Separately, General Iron has retained JLL, a real estate investment management firm, to advise it regarding the marketing and sale of the property.